Somalia’s Offshore Oil Race Heats Up | Business and Finance News

Somalia’s offshore is heating up with the drilling of the Curad-one well — a potential game-changer if oil is found, bypassing the Strait of Hormuz. With only eight wells ever drilled and none yielding major finds, this is a high-stakes frontier play. The government is incentivizing exploration by letting companies recover more costs and slashing royalties to just 5%, aiming to attract investors amid a complex legacy of overlapping claims from past giants like Shell and ExxonMobil. Now, Turkey’s TPAO is stepping in as operator, bringing its own rigs and expertise after Black Sea gas successes — a bold move that could reshape Somalia’s energy future. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/68ebf4a88300c133