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.
The House of People’s Representatives (HPR) has approved a draft legislation for the establishment of Petroleum and Petroleum Products Supply and Distribution Regulatory Authority. First tabled before the House in April this year, entitled, ‘a Proclamation to provide for the Establishment of Petroleum and Petroleum Products Supply and Distribution Regulatory Authority, was referred to the Trade and Industry Affairs Standing Committee for further revision.
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.
The Ministry of Mines and Petroleum disclosed that the British energy firm New Age (African Global Energy Ltd) has discovered 1.6 Trillion Cubic Feet of natural gas reserve in the Ogaden basin, Somali Regional State.
The Chinese company, which is in the process of developing the natural gas fields in the Ogaden basin, Somali Regional State, Poly GCL Petroleum Investment, is negotiating with the Ethiopian Minerals, Petroleum and Bio Fuel Corporation on the government’s interest in the gas development project.
In the wake of a clash between defense forces and local residents in Western Gondar, Amhara Regional State, on Wednesday fuel tanker trucks which were transporting gasoline from Sudan to Ethiopia have been stranded in Western Gondar.