By Jason McLure
Aug. 21 (Bloomberg) — Titan Resources Corp., owned by U.S. billionaire Nelson Bunker Hunt, won agreements to explore two areas in Ethiopia for oil and gas, the Mines Ministry said.
The Dallas, Texas-based company will invest as much as $60 million to explore tracts of Ethiopia’s eastern Ogaden basin and the northern Blue Nile basin, Abiy Hunegnaw, director of petroleum operations at the Addis Ababa-based ministry, said in a telephone interview yesterday. The two blocks combined cover an area larger than 100,000 square kilometers (38,610 square miles), Hunegnaw said. Titan and Ethiopia agreed to a 25-year production-sharing agreement.
“We are very lucky to have them,” Hunegnaw said.
Exploration in Ethiopia’s eastern Ogaden region was suspended in April 2007 after separatist rebels from the Ogaden National Liberation Front attacked an exploration team for China’s Zhongyuan Petroleum Exploration Bureau, killing 74 people. ZPEB was working under contract for Petronas Bhd, Malaysia’s state-owned oil company, which controls three exploration zones in the Ogaden. Read More.
Good day to TRC for investing in oil refiner. If you need a catering company, I AM WITH YOU. I have been their for 4 months.
Thanks
solomon