Ethiopia Discovers New Oil Deposits
Ethiopia has announced the discovery of new oil deposits that could have a significant impact on the economy of the nation.
The Minister of Mines and Petroleum, Tekele Uma Banti, confirmed on Wednesday, January 18, 2023 that exploration of the deposits will begin immediately.
As a landlocked nation, Ethiopia currently relies on oil imports from the Middle East and other parts of Africa.
A study conducted in Warra Iluu within the Abay Basin revealed that the country has more than 2 billion barrels of crude oil, which could reduce dependence on foreign imports and create employment opportunities for thousands of struggling Ethiopians.
The government is working to utilize these resources to promote the prosperity of the nation. If exploration is successful, Ethiopia could become one of the largest oil-producing nations in East Africa and the Horn of Africa region, which currently relies heavily on foreign imports. With high unemployment rates,
This development could also have a positive impact on Ethiopia’s economy as a whole and potentially make it an economic powerhouse in Africa.
