Ethiopia’s Minister of Mines and Petroleum, Takele Uma, announced on Wednesday that an estimated two billion barrels of crude oil have been discovered in the Abay River basin. The discovery is the result of ongoing oil exploration efforts in five river basins located within Ethiopia.
These efforts have now yielded positive results in one of the basins located in the Amhara regional state, specifically in the Warra Iluu area of the Abay basin.
This discovery is significant for Ethiopia, as it has the potential to greatly boost the nation’s economy and bring prosperity to its people.
The government is now working on utilizing these resources to the fullest extent, and exploring the best ways to extract and refine the crude oil.
It’s worth noting that this is not the first time that oil exploration has been conducted in this area. An unnamed company previously launched an exploration bid in Warre Illu but had to cease operations due to a lack of capacity.
With the discovery of such a large amount of crude oil, it is likely that the government and other interested parties will invest in the necessary infrastructure and resources to extract and refine the oil, providing a significant boost to the country’s economy.
Ethiopia’s advantageous location in the horn of Africa means that good petroleum finds have been made all throughout the nation. Its geology is similar to that of the Sudan region, the East African Rift, and the Middle East, all of which are renowned for their oil wealth. More than 30% of Ethiopia’s surface is covered with sedimentary rocks, which typically contain natural gas and other hydrocarbons.
According to official sources, the Ministry of Mines and Petroleum has already identified six (6) recognized hydrocarbon basins and has mapped 25% of the country using full tensor gravity.