Gazprombank to spend $2 mln on hydrocarbons exploration in Ethiopia
Edited by Rhod Mackenzie / 2014-07-21 10:19:04
The structure of Gazprombank GPB Resources and the Government of Ethiopia have signed a PSA on the perspective hydrocarbons site in the province of Afar in the north of the country. GPB Resources plans to spend at least $2 mln for the exploration works at the deposit, Kommersant writes.
According to the agreement, GPB Resources will hold the exploration at the site of 42 thousand sq km within 7 years and will be able to extract oil and gas there within the next 25 years.
