The Ethiopian Ministry of Mines and Petroleum announced it is drafting a new petroleum policy and proclamation. Once finalized, the new policy and proclamation will enable Ethiopia to consolidate its exploration of oil and determine the volume of natural gas in the country, and extract them, the Ministry stated.

The new petroleum policy aims to help petroleum investors be more fruitful by enhancing federal and regional collaboration, and identifying problems in the value chain. It also hopes to fix the problems of the sector and set the path for competent market system in the country by assessing better market opportunities. It also will encourage the use of technology and entrepreneurship and the exchange of experiences.

Qetsela Tadesse, Petroleum Licensing and Administration Director at the Ministry, said a study has been conducted in the last one year to draft the policy. The policy will have a positive role in attracting new investments in the sector, he added.

The draft proclamation on petroleum, on the other hand, will replace the proclamation issued in 1985 as it is outdated and cannot go along the present reality in the country, Mr. Qetsela explained.

The new policy will come into effect after inputs gathered and ratification by the authoritative body, the director stated.

Source: ENA