Somalia has officially entered a new era in energy after the Çağrı Bey oil drilling vessel arrived in the country’s waters this week, specifically at the Curad-1 well site.
A statement from the Transparency Somalia Initiative (TSI) said the move marks a significant shift, as the country moves to a point where it can actively participate in oil production. This is expected to play a major role in Somalia’s economic growth.
However, the organization warned that natural resources can be dangerous if not managed efficiently, noting that sometimes the benefits of such resources can be limited to certain people rather than reaching the general public.
The Transparency Somalia Initiative said it does not directly manage or supervise oil drilling operations, but is an independent watchdog that stands to promote transparency, accountability, and fight corruption.
The organization called on the Somali government to take urgent steps to ensure transparency, including fully disclosing oil contracts, clarifying the ownership of companies involved in drilling operations, and implementing an open system for managing revenues from the resource.
Finally, TSI stressed that proper management of oil revenues is essential to safeguard the interests of current and future generations in Somalia.
