Russian firm begins Ethiopia oil exploration

Posted on : Wednesday, 21st October 2015

GPB Global Resources, a Russian oil and gas company, is embarking on an oil exploration project in the Afar Regional State of Ethiopia.
The country’s Ministry of Mines, Petroleum and Natural Gas, and GPB Global Resources signed petroleum production sharing agreement whereby the company would prospect for oil in the Gewane-El Wiha block, in the Afar Regional State.

The exploration area is located in the Afar region in the north-eastern part of the country covering 42,000sqkms.

An official at GPB Global resources told APA on Monday that Geo Services has started collecting seismic data from the concession.

GPB Global Resources is an international group of companies engaged in petroleum and mineral resources exploration in various parts of the world including Africa, South America and the Middle East.

In Africa the company is active in Eritrea, Mali, Ivory Cost, Niger and Mali.

Officials of the Ministry of Mines, Petroleum and Natural Gas have expressed confidence in GPB’s swift move to launch the oil exploration project.
“They started the oil exploration project according to schedule,a senior official at the ministry told APA.

“We are optimistic that GPB will fulfill all its commitments,the official said.

The company committed itself to undertaking seismic survey and drilling at least two exploration wells in the initial exploration period.

According to the agreement, the company may invest up to $60 million on the exploration project.