The Oromia Cooperative Bank, Ethiopia announced a net profit of 47.3 million birr for the last fiscal year. The profit recorded by the bank showed an increase of more than 88% from the previous year. 
OCB was able to increase its total assets by 47% to 2.5 billion birr while total deposits drew close to 2 billion birr showing a 45% increase according to Wondimagen Negera President of the Bank.
Office Chérifien des Phosphates (OCP) Group announced it intends to build a fertilizer plant in Ethiopia. The announcement was made when the company’s Chairman and CEO, Dr. Mostafa Terrab, met and held talks with Hailemariam Dessalegn, Prime Minister of Ethiopia.
The Office of the Prime Minister held a discussion forum with the theme of economic reform yesterday, 12th August 2019. Facilitating the discussion was Selam Teshome, a management consultant.
The recent discovery of oil in Kenya is indicative for oil exploration in Ethiopia based on the geographical 
similarities of the two countries according to experts.
Tullow Oil, which extended its exploration activity to Kenya and Ethiopia after discovering oil in Uganda’s Lake Albert Rift Basin, expects to drill the first well in Ethiopia in the third quarter of 2012.
It is expected the first well will be drilled in September according to an expert with the Tullow office in Ethiopia.
BGP Geo Services plc announced collecting encouraging data from oil exploration in the South Omo Valley in Ethiopia. BGP delivered a significant seismic data report which indicated the presence of some oil according to sources at the Ministry of Mines. 
The company will continue collecting seismic data over the next couple of months and drill areas for exploration wells will be determined on the interpretation of the data collected.
No exploration wells have been drilled so far in South Omo.
