An estimated two billion barrels of crude oil has been discovered in the Abay river basin of Ethiopia, mining sector’s top official disclosed on Wednesday.
The East African nation is currently conducting Oil exploration in five river basins located in the country.
Minister of Mines and Petroleum Takele Uma said positive results have now been registered in one of the basins located in the Amhara regional state.
“An oil exploration study conducted in Warra Iluu, part of the Abay basin, …showed that there are more than 2 billion barrels of crude oil,” Takele announced on Twitter.
“The government is working on utilizing the crude oil resources discovered, to ensure prosperity of the nation,” the minister added.
Previously, an unnamed company launched an exploration bid in Warre Illu but was forced to cease its operations due to a lack of capacity.