#News : Russian company GBP concludes a deal for petroleum exploration GPB Global Resources, a Russian petroleum company, has signed a deal with the Ministry of Mines to undertake petroleum and natural gas exploration in the Afar basin, in the Afar Regional State in eastern Ethiopia. The agreement, which was reached after a year-long negotiation, was signed on Thursday last week (July 17). The petroleum production and sharing agreement provides GPB, which has an estimated capital of 60 million dollars, with 30% if the exploration yields a positive result. The agreement was signed by Tolosa Shagi, Minister of Mines, and Alexander Ivanov, Business Development Director of GPB. According to the agreement, GPB will carry out preliminary explorations on the 42,226 sq kms of the concession over the next three years, and can its exploration license twice for two years if positive signs are found. The agreement also allows for 25 years of exploitation if the Company finds petroleum. According to Sergey V. Tagashhove, Executive Director of Corporate Communications at the GPB the company will start the exploration shortly. GPB Global Resources is a group of companies engaged in petroleum and mineral resource projects in various parts of the world, including Africa, South America and the Middle East. Since its creation, it has been involved in Gazprom’s oil and gas projects in Libya, where production exceeds 100,000 barrels of oil. The Ministry of Mines currently administers 15 petroleum production and sharing agreements with nine companies in Ethiopia.
Posted on: Tue, 22 Jul 2014 10:06:26 +0000
Trending Topics
Recently Viewed Topics
© 2015