U.S.-Africa Leaders Summit. “We’re expecting that soon there will be very good activities that we’ll start.” Somalia is trying to attract investors to help rebuild its economy after African Union-backed government forces gained control of parts of its southern region that had fallen under the control of al-Shabaab. The Islamist-militant group has waged an insurgency against the government for the past seven years as it seeks to create an Islamic state. While Somalia has no proven oil reserves, drillers are betting the country has a geology similar to that of Yemen, which lies across the Gulf of Aden and has 2.7 billion barrels of proven oil reserves. Somalia’s oil deposits may amount to as much as 110 billion barrels, according to a June report published by the Mogadishu-based Heritage Institute for Policy Studies. Saudi Arabia, the world’s biggest oil exporter, has 266 billion barrels of proven reserves, BP data shows.
Posted on: Sun, 24 Aug 2014 21:02:41 +0000
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