Ethiopia grants oil exploration concession to Russian firm

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Addis Ababa, 18 July 2014 (WIC) - Ethiopia's Ministry of Mines on Thursday granted an oil-exploration concession to Russian energy company GBP Global Resources.

The exploration agreement was signed by Ethiopian Mines Minister Tolosa Shagi and GBP Global Resources representative Alexander Ivanov.

In the event of any oil or gas discoveries, according to the agreement, resource sharing will depend on the type and volume of the resource discovered, the ministry said in a press release.

"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," Tolosa said.

"It should be clear that we are working over different 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," he added.

"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 said. (World Bulletin)