Soma Oil & Gas

Last updated
Soma Oil & Gas Ltd (BVI)
Company type private
Industry Oil and gas industry
Predecessor Soma Oil & Gas UK
Founded2013 (2013)
Headquarters
Dubai
,
United Arab Emirates
Area served
 Somalia
United Kingdom
Key people
  • Basil M. Shiblaq (Director and Shareholder)
ServicesOil and gas exploration
Total assets Offshore Somalia PSA 129&130 and PSA 192
OwnerHassan Ali Khaire
Subsidiaries Coastline Exploration 129 & 130 Ltd (KY) and Coastline Exploration 192 Ltd (KY)
Website somaog.com

Soma Oil & Gas Ltd (BVI) is a private oil company operating offshore oil and gas exploration projects in Somalia. Initially founded as Soma Oil & Gas in the United Kingdom, it transitioned to a BVI-registered entity, and its online portal somaog.com . The company acquired two major Production Sharing Agreements (PSAs) covering offshore blocks in Somalia, including PSAs 129/130 and 192. [1]

Contents

History

A Timeline of Progression

1980-1991: Leading oil companies, including ExxonMobil, Chevron, BP, Conoco, Shell, and Eni secured exploration rights in Somalia.

1991-2008:

2008-2014:

2017-2020:

2020-2022:

2023-2024:

Founded as Soma Oil & Gas UK in 2013, the company was among the first international firms to sign oil exploration contracts with the Federal Government of Somalia. In 2020, the entity transitioned to become Soma Oil & Gas Ltd (BVI), and ownership shifted, with Basil M. Shiblaq taking control through a holding company. The new entity now focuses on PSAs offshore Somalia, leveraging extensive seismic data and technical expertise to explore the region’s hydrocarbon potential.

This historical timeline reflects Soma Oil & Gas Ltd's evolution and its instrumental role in developing Somalia's offshore hydrocarbon resources. The company continues to play a pivotal part in Somalia's oil and gas sector through ongoing PSAs and exploratory activities.

Exploration

Soma Oil & Gas Ltd (BVI) holds PSAs 129/130 in the Mid Somalia High basin and PSA 192 in the Mogadishu Deep Basin. These regions are considered highly prospective, with multi-billion barrel recoverable oil estimates. Since 2014, the company has conducted 2D seismic surveys, and in 2022-2023, further technical analysis was completed by consultants such as U3Explore. [3]

Corporate Structure

The company operates as a British Virgin Islands-registered entity, with subsidiaries holding the respective PSAs for exploration blocks. Ownership is diversified, with 45% held by a legacy investment, 45% by a professional investment firm, and 10% by another private family office. [4]

Present Day Above Ground Challenges

The security landscape (Above Ground) in Somalia has seen notable developments recently, with several key international actors playing significant roles. Turkey's increased presence is a pivotal change, particularly with the deployment of the seismic vessel Oruc Reis, escorted by two Turkish frigates. This move is part of Turkey's broader energy and defense cooperation with Somalia, which includes providing naval support to safeguard offshore oil exploration operations from piracy and potential land-based threats. [5] [6] The Turkish involvement is a crucial step in improving maritime security, which has been a challenge in the region for over a decade.

Somalia's internal security situation is also undergoing a transformation. With the UN's transition to a country office, more authority has been handed to the Somali government, allowing it to take a lead role in managing security operations. [7] The U.S. training of Danab forces, an elite unit tasked with counterterrorism, continues to play a vital role in strengthening the Somali National Army, particularly in anticipation of the ATMIS (African Union Transition Mission in Somalia) withdrawal, which is set to be completed by December 2024. [8]

The security challenges remain multifaceted. Regional tensions, particularly involving Ethiopia and Egypt, could potentially lead to conflict. Ethiopia's ambitions for Red Sea access through Somaliland, and Egypt's increasing involvement in Somali defense, have complicated the situation further. [9] These developments could create friction, especially as multiple nations vie for influence in the region's geopolitically strategic waters.

The European Union Training Mission (EUTM) and EUCAP Somalia also continue to contribute by training Somali forces and improving maritime capabilities, ensuring that the country can manage its own security in the long term. [10]

While the overall trajectory shows signs of progress, as noted by Stratfor analysts, Somalia's journey towards stability will continue to be shaped by the complex interactions of international support, regional tensions, and internal capacity-building efforts. [11]

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References

  1. ↑ "Soma Oil & Gas Overview". Explore Soma OG. Retrieved 15 October 2024.
  2. ↑ "Somalia Seismic Exploration - TGS". TGS. Retrieved 15 October 2024.
  3. ↑ "Seismic Surveys and Technical Analysis". Explore Soma OG. Retrieved 15 October 2024.
  4. ↑ "Soma Oil & Gas Equity Structure". Explore Soma OG. Retrieved 15 October 2024.
  5. ↑ "Turkey to deploy frigates to guard energy exploration ship in Somalia". Middle East Eye. Retrieved 15 October 2024.
  6. ↑ "Turkish Seismic Vessel Heads to Somalia for Oil and Gas Exploration". Maritime Executive. Retrieved 15 October 2024.
  7. ↑ "Essential Geopolitics: Somalia's Security Outlook". Stratfor Worldview. Retrieved 15 October 2024.
  8. ↑ "Essential Geopolitics: Somalia's Security Outlook". Stratfor Worldview. Retrieved 15 October 2024.
  9. ↑ "Essential Geopolitics: The Future of Somalia". Stratfor Worldview. Retrieved 15 October 2024.
  10. ↑ "Turkish Seismic Vessel Heads to Somalia for Oil and Gas Exploration". Maritime Executive. Retrieved 15 October 2024.
  11. ↑ "Essential Geopolitics: Somalia's Security Outlook". Stratfor Worldview. Retrieved 15 October 2024.
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