• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 min Which producers will shut in first?
  • 2 hours The Most Annoying Person You Have Encountered During Lockdown
  • 5 hours Its going to be an oil bloodbath
  • 18 hours We are witnesses to the end of the petroleum age
  • 1 hour Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 25 mins Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 23 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 1 hour How to Create a Pandemic
  • 8 hours Wastewater Infrastructure Needs
  • 33 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 21 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 22 hours >>The falling of the Persian Gulf oil empires is near <<
Alt Text

The Permian Boom Is Going Bust

Oil companies are already beginning…

Alt Text

Standard Chartered Sees Record Oil Demand Loss This Year

Lockdowns and travel restrictions will…

Alt Text

Not Even China Can Save Oil Markets This Time Around

Despite still sluggish oil demand,…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

This Country Just Started Pumping Oil For The First Time Ever

Ethiopia began on Thursday its first-ever crude oil production under a test production scheme that will see initial production of 450 barrels of oil per day.

Ethiopia, a rather large country in east Africa, started production from oil fields in its southeast today.

On Wednesday, Fitsum Arega, Chief of Staff of Ethiopia’s Prime Minister Office, said that Ethiopian Prime Minister Abiy Ahmed met with representatives of the company Poly-GCL Petroleum Investment Limited “to officially kick start crude oil production test in Ogaden Region. The company has discovered that there is a prospect of commercial quantities of crude oil in the region.”

Poly-GCL Petroleum Investment is a joint venture of state-owned China POLY Group Corporation and the Hong Kong-based company Golden Concord Group.

Prime Minister Abiy Ahmed said that Poly-GCL Petroleum Investment Limited would start producing 450 barrels of crude oil a day as of June 28, state-affiliated Fana outlet reports.

Ethiopia also plans to start in September the construction of a pipeline that would export natural gas via Djibouti, Ethiopia’s neighbor to the northeast that lies on the Bab-el-Mandeb Strait. The strait is located between Yemen on the Arabian Peninsula and Djibouti and Eritrea in the Horn of Africa, connecting the Red Sea with the Gulf of Aden, and a major sea route for crude oil from the Middle East. Related: How Important Are Egypt’s Gas Discoveries?

The construction of the natural gas pipeline via Djibouti will take two years, Fana quoted the Ethiopian prime minister as saying.

Once Ethiopia starts exporting natural gas at full capacity, it hopes to earn US$8 billion a year, PM Ahmed said.

Crude oil and natural gas income could help Ethiopia in the future to reduce unemployment and ease its foreign currency shortage, Ahmed noted.

Earlier this month, the United Arab Emirates (UAE) pledged US$3 billion in aid and investments to Ethiopia, including depositing US$1 billion in Ethiopia’s central bank to ease the severe foreign currency crunch.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Hal Slusher on June 29 2018 said:
    As I have always said poke a hole in the ground get oil and natural gas. We just keep finding more and more and more either we use it or the volcanoes will burn it.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News