Petroleum Africa
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Monday, October 6, 2008
Eritrea has signed two deals allowing for oil exploration offshore the Red Sea, according to a statement issued by the Ministry of Information on its website. “The Government of Eritrea signed two agreements with Defba Oil Share Company on oil exploration and development,” the statement said.
"The company would undertake oil exploration activities in two blocks of the Eritrean northern territorial waters," it added. The agreement was signed in Eritrea’s capital city Asmara by the Minister of Energy and Mines Tesfai Gebreslasie and Defba General Manager Shi Jicheng.
Defba has been set up through a partnership with the Eritrean government and the Energy Alliance Company W.L.L.
Oil exploration offshore Eritrea began in earnest in the 1960s, but stopped largely due to disappointing results. The last companies exploring in the country were US independent Anadarko, Agip, and Burlington Resources.
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