Oil Works Policy and Proclamation was prepared

A policy and proclamation has been put in place to strengthen oil exploration in Ethiopia, identify natural gas reserves in the country, and enter production. A panel discussion on the draft oil policy and proclamations prepared by the Ministry of Mines and Oil held yesterday in Addis Ababa. In the forum, articles on the importance of the policy and the proclamation were presented, and the articles on the implementation and implementation were discussed. In particular, the exit of the policy not only enhances the oil exploration activities in Ethiopia, it is of paramount importance to discover and import the natural gas reserves in the country, the director of the Ministry of Petroleum and Management, Dr. Kebele Tadesse, said. It will also help attract new investments in the field, he said. The participation of the oil elite will be among the policy-making bodies in the field of federal and regional governments on the sector. Finding a better market option and establishing a competitive market system are other objectives as well as exploring local and emerging market opportunities in relation to the sector. According to Dr. Kekele, the areas that have been identified as suitable for oil exploration, how the search is conducted, how to safeguard the interests of the nation and the environment without affecting the population and other issues have been explored in the policy study. He said the policy is aimed at helping Ethiopians in the sector and ensuring technology transfer. Explaining the current Proclamation of Oil Works Proclamation, the 1978 proclamation will be replaced by Dr. Keolu. He said the proclamation has been revised because it does not address the country’s current situation. State Minister for Mines and Oil, Dr. Quong Tutlam, said the country had no policy on the sector and said it was not able to attract enough companies to invest in oil exploration. According to Dr. Kang, there are fewer than five companies currently engaged in oil exploration in Ethiopia. He said the drafting of the policy and oil works in the field would solve such problems. The Ministry of Information indicates that the first time there is oil in the Somali region, there is a 6.3 trillion cubic feet of crude oil reserves in the Ogaden region.