The presence or extent of proven oil reserves in Somalia is uncertain. The CIA asserts that  there are no proven reserves of oil in the country, while UNCTAD suggests that most proven oil reserves in Somalia lie off its northwestern coast, in the Somaliland region. An oil group listed in Sydney, Range Resources, estimates that the Puntland region in the northeast has the potential to produce  to  of oil, compared to the 6.7 billion barrels of proven oil reserves in Sudan. As a result of these developments, the Somalia Petroleum Corporation was established by the federal government.