Chevron and Conoco Philips Should come back to Somaliland before it is too late
Development projects currently underway in Somaliland indicate that Somaliland’s investors have learned from the errors of the past. The Somali born London based businessman Mohamed Yusef has spent his professional life developing the very successful investment firm, Invicta Capital Limited in the United Kingdom, which specializes in investment opportunities in film, property and energy. Mohamed is now keen to invest in Somaliland believing it to be the place where investment opportunities await. In an interview with the BBC Mohamed told the reporter that he has decided to invest in Somaliland for these reasons;
“Nobody ever made money from following the herd and the most money is often to be made where there is a mismatch between what people perceive to be the place and the reality of what it is, and Somaliland is exactly in those kinds of circumstances where there is a huge gap between the reality and the perception…So actually there is a method to my madness and it isn’t inconsistent with the basic principles of business: Go find yourself a situation that nobody else has spotted and be prepared to hang on in there while everybody else catches up.”
Yusef and his delegation are in discussions with the Somaliland President Ahmed Silanyo about investing $40 million into a mining, oil and gas exploration program.
There is promise for this project if Yusef uses his entrepreneurial skills to enable Somaliland to reach its full potential, a skill which has already been demonstrated by the success of his other UK businesses. Stor Power Limited, a UK based energy company founded by Yusef is transforming the way energy is supplied in the UK, providing potential investors with the opportunity of investing in privately owned generators.
The National Grid is the sole operator of the electricity system in the UK and is breaking down more frequently due to increased usage of less reliable renewable energy sources. To counter this problem, Yusef’s privately operated generators will act as a backup, supplying electricity to the National Grid during periods where additional supply is required. It seems that Yusef is capable and willing to look for innovative ways to invest in natural resources and it is hopeful that he will invest intelligently into Somaliland.
this month DNO International ASA (“DNO International”), the Norwegian oil and gas company, announced that it has entered into a Production Sharing Contract (PSC) covering Block SL18 onshore Somaliland.
The President of Somaliland, Ahmed M. Mohamoud Silanyo, and DNO International’s Executive Chairman, Bijan Mossavar-Rahmani, attended the signing ceremony in Washington, D.C. .
“This 12,000 square kilometer block adds substantial exploration acreage to DNO International’s portfolio and in an area that is both prospective and undrilled,” said Mossavar-Rahmani. He added that Somaliland falls within the Company’s geographic and geological comfort zones. “We have been active across the Gulf of Aden in Yemen since the late 1990s.”
The Company has initiated studies on Block SL18 ahead of an extensive seismic program planned for 2014.
— DNO International ASA is an Oslo-listed, Middle East and North Africa focused, oil and gas company holding stakes in 18 licenses in various stages of exploration, development and production both onshore and offshore in the Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates, the Tunisian Republic and Somaliland.
http://www.dno.no —“