GBP Global Resource, a Russian energy company, concluded an agreement with Ethiopia’s Ministry of Mines for the purpose of oil- exploration.

The agreement was signed on Thursday, July 17, 2014, and had Minister for Mines, Tolosa Shagi, on the Ethiopian side and Alexander Ivanov, Representing GBP Global.

The agreement stipulates upon discovery of oil or gas, the resource is going to be shared among the signatories based on the type and volume of the resource.

Tolosa commented, "The agreement shows the ministry's persistence in regard to working with capable business partners to explore for and discover the petroleum resources of Ethiopia".

The Minister further noted Ethiopia is carrying out exploration work in differen parts of the country, including the vast Ogaden Basin in the east, the Abbay Basin, the Southern Ethiopian Rifts (South Omo) and the Gambella Basin in the west.

"We believe an enormous scientific undertaking is being accomplished to understand Ethiopia's petroleum potential and ultimately make discoveries that will contribute to the country's economic development," Tolosa added.

Source: World Bulletin