As the Çağrı Bey enters Somali waters this week, the nation’s attention is focused on our horizon. This represents not merely a technical achievement but a crucial test of our national character. With the arrival of this deep-sea drilling vessel at the Curad-1 well site, Somalia has officially commenced a transformative journey as an active energy producer. While the Transparency Somalia Initiative (TSI) acknowledges the potential for this sector to fuel national economic advancement, we maintain our vigilant stance. In any resource-rich context, wealth must be accompanied by equivalent levels of supervision to guarantee that national assets serve the public rather than select individuals.
Our Role: The Independent Watchdog
It is essential to clarify that TSI does not directly regulate the petroleum industry or provide operational supervision of drilling activities. These technical responsibilities remain with the appropriate national petroleum authorities and the Ministry of Petroleum and Mineral Resources. However, TSI functions as a vital, independent overseer. Our purpose is to advance transparency, accountability, and anti-corruption within the sector. We operate as an external monitor to ensure that the established regulations are respected, that procurement processes are equitable, and that the administration of our national resources maintains impeccable integrity.
Our Three Pillars for Oil Sector Accountability
To protect the interests of the Somali people during this transition, TSI advocates for the following immediate protective measures:
1. Complete Disclosure of Production Sharing Agreements (PSAs): The public has the fundamental right to understand the terms under which national resources are being managed. We champion the publication of all exploration and production agreements to ensure total fiscal transparency.
2. Beneficial Ownership Transparency: We require a public registry of all local subcontractors and service companies engaged in drilling operations. This ensures that contracts are granted based on technical competence and value, rather than personal or political affiliations.
3. Revenue Management Oversight: Every dollar generated from our maritime resources must be monitored through an open and accessible data system. We support a comprehensive and transparent management framework to preserve the wealth of both present and future generations.
A Critical Juncture for the Nation
“The initiation of drilling represents the ultimate test of our national integrity frameworks,” states Hassan Yusuf, Executive Director of TSI. “Resource extraction must never precede regulatory oversight. Our function is to remain an objective advocate for the public, insisting that the highest standards of accountability are applied to every barrel of oil and every contract executed.” TSI will continue to observe developments at the Curad-1 site and will issue a Sectoral Integrity Assessment later this quarter.