Following the removal of the National Bank of Ethiopia’s directive that compels oil and gas companies to open a foreign bank account in Ethiopia international oil companies have shown interest to take new concessions.
A directive issued by the National Bank of Ethiopia (NBE) requesting foreign oil companies engaged in oil and gas exploration and development projects in Ethiopia to open a foreign currency bank account in Ethiopia has frustrated international oil companies.
Alarmed by the political and security turmoil that occurred in the Ethio-Somali Regional State last week, oil companies engaged in oil exploration projects in the region have evacuated their staff to Addis Ababa, it was learnt.
The Singaporean ship builder, Sembcorp Marine, is in talks with Poly-GCL, the Chinese company which recently discovered oil and gas finds in Ethiopia, for the provision of an offshore natural gas processing terminal to be moored at the Port of Djibouti and connected to the natural gas transportation pipeline extending from the Calub and Hilala gas fields in the Ogaden basin of the Ethio-Somali Regional State.
The Chinese company which is engaged in oil and gas exploration and development project in the Ogaden basin, Poly-GCL Petroleum Investments Limited, is going to start extracting natural gas at the Calub gas field in the Ethio-Somali Regional State next month.