Addis Ababa – The Ministry of Mines and Energy and Epsilon Energy, an International Company signed an agreement providing to enable the latter explore and produce petroleum in Tigray and Amhara Regional States.

Minister of Mines and Energy, Alemayehu Tegenu and International Exploration Manager with the company, Daniel Ward signed the accord here on Thursday representing their respective organizations.

According to the agreement, the licensee has an exclusive right for petroleum exploration and production on 82,000 sq. km area for the coming eight years.

Speaking on the occasion, the minister said the agreement shows the Ethiopian government’s strong support to international investors to explore for natural resources in the country.

It would also allow available world technological solutions to be tested in various geological environments, as exploration effort varies from company to company.

He expressed beliefs that the current capacity building efforts will provide professionals for different companies as the demand arises.

To date 11 companies are working under 20 agreements to explore oil in different parts of the country.

- ENA

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