• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 3 hours Indonesia Stands Up to China. Will Japan Help?
  • 2 hours Shale Oil Fiasco
  • 3 hours Might be Time for NG Producers to Find New Career
  • 6 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 6 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 8 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 25 mins Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 8 hours Beijing Must Face Reality That Taiwan is Independent
  • 2 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 7 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 24 hours US Shale: Technology
  • 2 days Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019
Alt Text

Why Trump Can’t Retreat From The Middle East

Without the need for Saudi…

Alt Text

Bringing Transparency To China's Opaque Oil Market

Technological developments are improving market…

Alt Text

How China Could Restart The U.S. Oil Export Boom

China may resume purchases of…

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
Download on the App Store Get it on Google Play