Somaliland is optimistic that a search for oil by Genel Energy Plc, run by former BP Plc Chief Executive Officer Tony Hayward, will find commercial quantities of crude, Mines and Energy Minister Hussein Abdi Dualeh said.
Somaliland, a breakaway territory in northern Somalia, has a gross domestic product of $1.4 billion with a “high” income gap between rich and poor, according to the World Bank’s first economic output estimate.
Somaliland, the semi-autonomous region in northern Somalia, expects to conclude a project- sharing agreement with Ophir Energy Plc, amid efforts to develop the territory’s potential oil deposits, an official said.
Somaliland , a breakaway region of northwestern Somalia, held a presidential election that was mostly peaceful today, with fighting limited to a disputed eastern region, international election observers said.
Somalia’s federal government, seeking to reassert control over the war-ravaged country, said oil exploration licenses issued by regional governments in the Somaliland and Puntland regions of country are invalid.