President Mohamud Hails Progress in Oil Exploration, Cites Economic Potential

GOOBJOOG NEWS | MOGADISHU: President Hassan Sheikh Mohamud has said that recent technical and scientific assessments have shown positive results in the country’s oil and natural gas exploration, a development the government says could mark a turning point for the long-fragile economy.

President Mohamud said tangible progress had been made in evaluating Somalia’s hydrocarbon potential, confirming for the first time at the highest political level that exploration efforts were yielding encouraging findings.

The announcement comes as Turkey prepares to deploy a drilling vessel to Somali waters, signalling a possible shift from exploration to early production.

Turkish involvement reflects deepening ties between Mogadishu and Ankara, which has played a major role in Somalia’s security, infrastructure and economic recovery over the past decade.

Somali officials say successful development of offshore oil and gas could significantly increase government revenues, reduce dependence on foreign aid and fund priority sectors such as infrastructure, health and education.

It could also strengthen Somalia’s energy security and improve its standing with international investors.The government has said any extraction will follow legal and environmental safeguards and that proceeds will be distributed for the benefit of all Somalis.

If production moves ahead, the project would place Somalia among emerging energy producers in East Africa, potentially reshaping its economic outlook after decades of conflict and instability.