Another oil-producing country may appear in the world

Somalia expects to produce the first oil in its history on its own territory in 2024, Garowe reports, citing the words of Somalia's Minister of Petroleum and Mineral Resources Abdirizak Omar Mohamed.

Development will be carried out at fields in the states of Galmudug, South-West and Jubaland. According to geoseismic studies, Somalia's potential oil and natural gas reserves are about 30 billion barrels.

The Somali authorities signed a contract with the American Coastline Exploration to develop oil reserves back in 2022. The agreement gives the US company the right to conduct oil exploration in seven blocks of the Somali shelf.

In July 2023, the world's recoverable oil reserves were estimated at 1.62 trillion barrels. Saudi Arabia remains the world leader in terms of fuel reserves with 271 billion barrels. The United States is in second place with 192 billion barrels. Russia closes the top 3 with 143 billion barrels.