2merkato

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.

Oilseed has taken over coffee by being the biggest source of foreign currency for Ethiopia during the first 10 months of the current fiscal year.

Oman seeks to increase its non-oil exports to Ethiopia by organizing an exhibition in the country after conducting an exhaustive market study, according to Times of Oman.

Omani Products Exhibition (OPEX-2016) is going to be held in Addis Ababa, Ethiopia, by mid April. This is the first time the exhibition is being hosted outside of the Middle East.

100 Omani companies, who invested in agro industry, food, building materials and other sectors, will take part in the exhibition.