Russian oil and gas company named GPB Global Resources is to make a start on oil exploration project in the Afar Regional State of Ethiopia, The Reporter reported.

GPB Global Resources and the then Ministry of Mines have signed petroleum production sharing agreement on July 17, 2014, that enables it to prospect for oil in the Gewane-El Eiha block, in the Afar Regional State. The exploration area covers 42,000 square kilometer of land.

At the beginning of 2015, GPB has employed a US company, Bell Geospace for the undertaking of airborne Full Tensor Gradiometry (TFG) and magnetic surveys in the exploration area.

Lately, GPB has employed BGP Geo Services, a Chinese company for the undertaking of seismic surveys. GPB told The Reporter that BGP Geo Services has commenced gathering seismic data from the exploration site.

A senior Officer at the Ministry of Mines, Petroleum and Natural Gas told the Reporter: “They started the oil exploration project according to schedule.” He also said “We are optimistic that GPB will fulfill all its commitments.”

GPB plans to undertake seismic survey and drill at least two exploration wells at the first stage of exploration period. The Exploration project requires of GPB to invest USD 60 million on the exploration project.

GPB Global Resources is a subsidiary company to Gazprom, a Russian gas giant. GPB is an international group of companies undertaking petroleum and mineral resources exploration projects in different parts of Ethiopia including Africa, South America and the Middle East.

Source: The Reporter