WORLD NEWS FOR MONTENEGRO DIASPORA
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AUTHOR:M.J. GDNUS
Turkey has discovered up to 20 billion barrels of crude oil in Somalia as part of its initiative to explore and find new energy sources in the Horn of Africa, Middle East Monitor reports.
According to Turkish and Somali media, Turkish exploration missions have discovered deposits estimated to contain up to 20 billion barrels of commercially exploitable crude oil.
While two blocks operated by Turkey in the region have already yielded significant results, a third block is still under exploration and is also expected to contain sufficient quantities of oil for commercial exploitation.
The discovery of large oil reserves comes a month after Turkey and Somalia signed an agreement to explore for oil and gas onshore in the East African country, under the auspices of the Turkish Petroleum Corporation and the Somali Petroleum Authority.
Although the agreement is presented as a benefit to Mogadishu and the development of Somalia's energy sector, many criticize it as a contract that favors Ankara too much, as it gives Turkish energy authorities about 90% of the rights to Somali oil and gas, as well as exempting Turkish entities from paying start-up costs such as bonuses and administrative fees.
