Ethiopia Needs Three Years to Develop Petroleum Resource

Ministry of Mines, Petroleum and Natural GasThree more years are needed to develop petroleum resources located in Ogaden area, the Ministry of Mines, Petroleum and Natural Gas announces.

Petroleum Licensing and Administration Director at the ministry, Ketsela Tadesse, has said that the additional three years are required to address activities that “need to be done before entering into the production process.” He has further elaborated that hundreds of additional wells need to be drilled and various infrastructure facilities should also be put in place before the petroleum development could be in full swing.

It was in June that the government announced that it has discovered a huge crude oil reserve in the Ogaden area. In addition to Ogaden, the director has said that further explorations are being carried out in five different areas that have been identified as having potential, which are located in the Rift Valley, Abbay, Mekelle, Metema and Gambella basins.

Source: Ethiopian News Agency

Exchange Rates

USD 28.8475  28.2819 
GBP 35.3239  34.6313 
EUR 32.5227  31.8850 
CHF 27.3769  26.8401 
CAD 19.6427  19.2575 
AED 7.1069  6.9675