The Horn of African country’s Ministry of Mines on Tuesday said it had signed 11 petroleum profit sharing agreements and one joint survey agreement with the eight companies.
This follows a study by the ministry that showed that the country had a huge potential for oil and gas production.
According to the study, after natural gas discoveries in Kalub and Hilala in the eastern part of the country, other deposits of natural gas were found near Genale.
The country’s oil and gas potential has attracted a number of foreign exploration companies.
Companies currently engaged in exploration in the country include, Africa Oil Corporation, Calvalley Petroleum Inc, South West Energy, Pexco Exploration, Tullow Oil, Epsilon Energy Ltd, Falcon Petroleum and Afar Exploration Company.
Ethiopia’s mining sector has recently been attracting foreign mining companies and the country has set an ambitious plan to boost earnings from mining exports to one billion US dollars in the next five years.
Currently, it is getting around $ 450 million.