oil

Türkiye’s deep-sea drilling vessel Çağrı Bey has reached Mogadishu, setting the stage for Somalia’s first offshore oil drilling campaign, officials from both countries said Friday. Energy and Natural Resources Minister Alparslan Bayraktar described the mission as “historic,” saying it would “open a new chapter in Turkish energy history.” The work stems from a hydrocarbon agreement signed in 2024, which gave Türkiye’s state-owned energy company TPAO the right to explore three offshore blocks, each covering about 5,000 square…

MOGADISHU, Somalia - Somali Member of Parliament Abdirahman Abdishakur Warsame has sounded the alarm over Somalia’s oil exploration agreement with Turkey, warning that the deal could leave the country with little control over its own resources as the drilling vessel Çağrı Bey moves into Somali waters. Warsame said the arrangement is "deeply imbalanced" and argued that its structure appears to tilt overwhelmingly in favor of one party. According to his assessment, more than 90 percent of the benefits would go to a single…

President Netumbo Nandi-Ndaitwah used her State of the Nation Address to unveil an ambitious plan to jump-start growth, anchoring it on targeted investment, energy stability, and a renewed push in agriculture. She outlined headline domestic commitments, notably the introduction of fully subsidised tertiary education for qualifying students, supported by broader access to financial aid. Calling the moment “decisive,” the president pressed Parliament to fast-track the petroleum amendment bill, cautioning against the…

With a ceasefire now taking hold between the United States and Iran, Ukrainian President Volodymyr Zelensky is pressing for Washington to restore full energy sanctions on Russia, arguing that the reopening of the Strait of Hormuz removes the rationale for easing pressure on Moscow’s oil exports. "Now a ceasefire is beginning in the Middle East and the Gulf. And I am waiting for sanctions on Russian oil to be fully reimposed, as they were before," Mr Zelensky said. Last month, the United States relaxed some sanctions on…

Tensions are mounting around a fragile two-week ceasefire between the US and Iran, with Washington accusing Tehran of failing to honour commitments on the Strait of Hormuz and Israel launching strikes on Lebanon that Iran says breach the truce. There was still no indication that Iran intended to ease its near-total blockade of the strait, a choke point that has triggered the most severe disruption ever seen in global energy supplies. Iran pointed to Israel's continuing assault on Lebanon, including what were described as the…

Osmond ChiaBusiness reporterThursday April 9, 2026 Oil prices climbed in Asian trading on Thursday as markets tracked the increasingly shaky US-Iran ceasefire and what it could mean for shipments through the Strait of Hormuz. The two-week truce, already described as conditional, came under fresh pressure after Israel carried out a series of deadly strikes in Lebanon, drawing a warning from Tehran of a "regret‑inducing response" if the attacks go on. Oil prices plunged on Wednesday after the announcement of the agreement…

By Nuri AdenTuesday April 7, 2026 A wave of anticipation is sweeping across Somalia as the country prepares to receive the Turkish drilling ship Cagri Bey, due in Mogadishu from April 9 in a development officials say could mark a turning point in Somalia’s oil and gas quest. In an exclusive interview with TRT Afrika, Somalia’s Minister of Petroleum and Mineral Resources, Dahir Shire Mohamed, called the arrival a historic moment for the nation. “This is something that, as Somali people, we have been yearning for a very long…

Basillioh Rukanga and Richard KagoeTuesday April 7, 2026 Somalia is poised to launch its first offshore oil drilling campaign, with a Turkish government-owned drillship due to reach its waters on Friday. The step comes after a Turkish research vessel completed seismic surveys last year, helping map the area’s underground potential. In a post on X, Somalia's Petroleum Minister Dahir Shire called the approach to the country’s first offshore drilling effort a "historic milestone in our offshore energy journey... A new chapter…

Somalia is preparing to launch its first offshore oil drilling campaign, with a Turkish government-owned drillship due to reach waters off the Somali coast on Friday. The milestone comes after a Turkish research vessel completed seismic surveys last year, laying the groundwork for the next phase of exploration. In a post on X, Somalia's Petroleum Minister Dahir Shire called the advance toward offshore drilling a "historic milestone in our offshore energy journey... A new chapter begins." The foreign ministry said a…

Monday April 6, 2026 Mogadishu (AX) — Somalia is on the verge of its first offshore oil drilling campaign, a move that one senior government official said Sunday carries major economic and geopolitical implications as a Turkish drillship prepares to enter the country’s territorial waters. The vessel, Çağrı Bey, is due to arrive in Somalia on April 10, setting the stage for the country’s inaugural offshore drilling operation and a landmark moment for its energy industry. State Minister for Foreign Affairs Ali Omar said the…