Genel to Launch Exploration Work in Somaliland

Petroleum Africa [02/11/12]

Genel Energy plans to launch seismic work in Somaliland in early-2013 and drill two wells by the end of 2015. The company was awarded rights to two blocks, Block 13 and Block 10B, earlier this year.  

The blocks share the same geological structure with oil producer Yemen and could have 1 billion barrels of oil, Genel said.

An estimated $400 million will be spent by the company to drill five wells in Africa overall over the next three years. “Somaliland provides an exciting geological opportunity, and we look forward to starting work in the region,” said company spokesperson Andrew Benbow, in an email to Reuters.