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Friday, October 17, 2014
Tullow Oil is looking to extend its exploration license in Ethiopia and talks between the Irish explorer and the government have begun. Tullow has drilled four wells over the past two years in Ethiopia, unfortunately only two of those wells have shown “encouraging” results.
“The hydrocarbon shows in the South Omo Basin wells are indicative of a working petroleum system and therefore the acreage in southern Ethiopia remains prospective,” Tullow said in a statement. “We are engaged in licence extension discussions … and we are currently examining the substantial volume of drilling and seismic data collected to decide our future exploration plans for the southern Ethiopian acreage.”
Currently the company has suspended drilling activities and has reduced staff in the country.
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