Geopolitik Energi

April 25, 2007

SOMALILAND: HOPES AND HYPE ON THE FRONTIER

Too Greedy

The companies see this as an ominous sign that future investors in Somalia may repeat the mistakes made in Yemen. Yemeni oil exploloration is stalling because companies paid huge fees to intermediaries, followed by even larger signature bonuses to the government, in order to acquire concessions. The average size of oil finds in Yemen and local operating costs mean that such fees can never be recovered from profits. The Saudi-owned Nimir Petroleum Company , which won the bidding to take over oil production in the Shabwa field discovered by Soviet explorers, is the most prominent example. If the commission agents become too greedy in their quests find oil investment for Somalia - whenever this becomes possible - they could stifle an oil industry there before it is born.

(http://www.somaliawatch.org/archivejuly/000922601.htm)

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