Ministry of Mines and the United States Company Netherland, Sewell & Associates, Inc. (NSAI) signed an agreement on Tuesday, which enables the US firm to conduct economic surveys on potentials of Ethiopia’s oil and gas resources.
The agreement was signed between Takele Uma, Minister of Mines and representative of NSAI at the headquarters of the Ministry.
“The survey will be used to develop nation’s natural oil and gas as well as enhancing energy investments,” said Takele in a tweet on Tuesday.
He added: “The agreement will give authentications about amount of Ethiopia’s natural oil and gas to global investors so that it will be used to implement energy investments.”
Takele went on saying, “Ethiopia will secure authentication for its resources and its potential to attract foreign investments and bargaining power will be boosted in the post-survey period.”
The Embassy of the United States also congratulated the agreement.
“Congratulations to the Ministry of Mines and Netherlands, Sewell, and Associates on the partnership to assess the potential of Ethiopia’s oil and gas resources,” said a statement from the Embassy.
“The US is committed to tackling the climate crisis at home and abroad, and climate change is a priority of our foreign policy. We believe everyone should have access to reliable, affordable energy,” the statement added.