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Reuters

Council of Ministers approves oil exploration license

Ministry of Mines, Pexco to sign Production Sharing Agreement
The Council of Ministers yesterday approved an oil exploration license to be given to a Malaysian company Pexco. Pexco recently asked the Ethiopian Ministry of Mines for an oil exploration license that would enable it to prospect for crude oil in the Ogaden basin, southeast Ethiopia. After evaluating the proposal, the ministry forwarded it to the Council of Ministers in August. The company asked for a 20,000 sq. km. of land in south Ogaden.

A senior government official told The Reporter that the Ministry of Mines and Pexco will soon sign an oil exploration and production sharing agreement (PSA). �We are more than happy to sign the agreement,� the official said. The company will pay the ministry one million dollars. Another giant Malaysian company, Petronas, last July took a 90,000 squ.km. of land in the Ogaden basin after it signed an oil exploration and production agreement with the Ministry of Mines. Petronas, one of the top ten international companies in the global oil industry, signed a similar agreement in June 2003 that enabled it to prospect for oil in the Gambella basin, west Ethiopia. The company has undertaken geophysical survey in the Gambella basin. Currently, Pertronas is processing the geological data collected from the Gambella basin. The company will drill the first exploration well in the region next February.

Source:Ethiopian Reporters

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