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Massive oil find follows landmark deal, but critics raise concerns over profit-sharing and fairness in Turkish-Somali partnership.
Turkey has made a major discovery of crude oil in Somalia, which could bring big changes to both countries. According to reports from Turkish and Somali media, the newly found oil reserves could hold up to 20 billion barrels of crude oil. This discovery is part of Turkey’s growing interest in finding energy resources in the Horn of Africa, especially in Somalia.
The discovery comes shortly after a deal was signed between Turkey and Somalia. The agreement allows Turkey to explore and develop oil and gas fields on land in Somalia. The Turkish Petroleum Corporation (TPAO) and the Somali Petroleum Authority are the main bodies handling the partnership.
So far, Turkey has been working in three areas or “blocks” in Somalia. In two of them, the results have been very promising, showing strong signs of oil in large quantities. Work is still going on in the third block, and experts believe that it, too, could contain enough oil to be profitable.
This could be a huge boost for Somalia’s economy, which has long suffered from poverty, conflict, and lack of development. With the right investment and planning, the oil reserves could help the country generate jobs, improve infrastructure, and raise national income.
However, the deal between the two countries has sparked debate. While some say the partnership with Turkey is a good step forward, others argue that the agreement is too one-sided in favor of Turkey.
One of the biggest concerns is that Turkey will reportedly get about 90% of the profits from Somalia’s oil and gas production. Critics say this leaves Somalia with only a small share of its own natural resources. In addition, Turkish companies involved in the project are not required to pay upfront costs, such as signing bonuses or administrative fees, which are normally part of such agreements. This has led some to question whether Somalia negotiated the best deal for itself.
Despite the criticism, both governments have defended the agreement. Somali officials have said that the country lacks the money and technology to explore and develop its oil fields on its own. Partnering with Turkey, a country with more experience and resources, gives Somalia a chance to benefit from its oil reserves in ways that wouldn’t be possible otherwise.
Turkey, on the other hand, sees this move as part of a larger plan to expand its influence in Africa and reduce its dependence on foreign energy sources. Over the past few years, Turkey has increased its involvement in Somalia through military support, development aid, and now energy exploration.
This oil discovery may bring significant changes to Somalia’s future, but many challenges still lie ahead. Managing the oil sector will require strong leadership, fair contracts, and good governance to make sure the profits benefit the Somali people. Corruption, political instability, and poor infrastructure could get in the way if not handled properly.
In summary, the discovery of up to 20 billion barrels of oil in Somalia by Turkey is a major development for the region. If managed well, it could help transform Somalia’s economy and improve living conditions. However, questions around fairness and transparency in the deal with Turkey remain, and many are urging the Somali government to ensure that its people gain the most from the country’s natural wealth.