Mogadishu — Somalia has entered a new phase in its energy sector after the drilling vessel Çağri Bey arrived this week in the country's waters at the Curad-1 well site, according to a statement by Transparency Somalia Initiative.
The group said the move marked a significant shift, with Somalia transitioning toward active participation in oil exploration and potential production, a development expected to play a major role in boosting the Horn of Africa nation's economy.
However, the organisation warned that natural resources could pose risks if not managed transparently, noting that benefits from such projects can sometimes be concentrated among a small group rather than reaching the broader population.
Transparency Somalia Initiative stressed it does not directly manage or supervise drilling operations but acts as an independent observer promoting transparency, accountability and anti-corruption measures.
The watchdog urged the Federal Government of Somalia to take swift steps to ensure openness, including full disclosure of petroleum agreements, clarification of ownership structures of companies involved in the drilling, and the establishment of an open system to manage revenues generated from natural resources.
It said proper management of future oil income would be crucial to protecting the interests of both current and future generations in Somalia.
