Lundin sees oil potential in Ethiopia’s Ogaden basin – CAPE TOWN(Reuters)

October 9th, 2008 Print Print Email Email

Sweden’s Lundin Petroleum (LUPE.ST: Quote, Profile, Research, Stock Buzz) said on Thursday it was confident that exploration in Ethiopia’s Ogaden basin would lead to discoveries of oil as well as natural gas. (more…)

Sweden’s Lundin Petroleum (LUPE.ST: Quote, Profile, Research, Stock Buzz) said on Thursday it was confident that exploration in Ethiopia’s Ogaden basin would lead to discoveries of oil as well as natural gas.

“We feel that this basin has not only proven gas potential but also light oil,” James Phillips, Lundin Petroleum’s vice president of exploration for Africa and the Middle East, said at the Africa Upstream 2008 oil conference in Cape Town.

Lundin is among a handful of companies that are exploring for gas and oil in Ethiopia. The company also has operations in several other African nations, including Tunisia, where it holds a stake in the Oudna energy development.

Phillips added that the company was keen to expand in Congo Brazzaville and other African markets. (Reporting by Paul Simao)

  1. atuba dolla
    | #1

    Yes indeed, Ethiopia has been gifted with natural resources; if it is utlized properly and wisely with the revenue it will generate, God our Lord, this country will take a quantum leap into proseprity.

    As it is a case with natural resources that Ethiopia is endowed with, it is absolutely true that Ethiopia is also having a good deal of educated manpwoer that is being read to be tapped into the country in the very near future.God bless Ethiopia.Amen.

Comments are closed.