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Tullow Oil Discovers Ethiopian Oil

Posted by Ethio Tribune on February 28, 2013

Oil exploration company Tullow Oil Plc (LON: TLW) discovered crude minerals along the Kenyan and Ethiopian borders along the Tertiary rift.

Tullow was under a fair amount of pressure to discover more oil after a disappointing trading performance in January and a failure to find oil off the coast of French Guiana last year.

Tullow’s partners include Marathon Oil (NYSE: MRO) and Africa Oil Corp. (TSX-V: AOI), and the oil find has been part of a vast project that covers Ethiopia and Kenya.

There could be as much as 23 billion barrels of oil concentrated underneath two basins, extending from southern Ethiopia to southwestern Kenya. This does not include two other unexplored basins.

You may be wondering why this is such big news, since oil in Africa is nothing new. Well, this is the first discovery where commercial production is truly possible.

Kenya could very well become the next major oil-producing nation in the world— something that could foster competition with the Arab world in the future. There could be “10 billion barrels of oil and gas” in just this area, according to Bloomberg. This location offers the real possibility of opening a new source of oil for the world market…click here to read the full story

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