Oil blocks in Puntland.
Somalia has untapped reserves of numerous natural resources, including uranium, iron ore, tin, gypsum, bauxite, copper, salt and natural gas. Due to its proximity to the oil-rich Gulf Arab states such as Saudi Arabia and Yemen, the nation is also believed to contain substantial unexploited reserves of oil. A survey of Northeast Africa by the World Bank and UN ranked Somalia second only to Sudan as the top prospective producer. American, Australian and Chinese oil companies, in particular, are excited about the prospect of finding petroleum and other natural resources in the country. An oil group listed in Sydney, Range Resources, anticipates that the Puntland province in the north has the potential to produce 5 billion barrels (790×106 m3) to 10 billion barrels (1.6×109 m3) of oil. As a result of these developments, the Somali Petroleum Company was created by the federal government.