ADDIS ABABA, Oct 15 (Reuters) - Tullow Oil (LSE: TLW.L - news) said on Tuesday it has started talks with the Ethiopian government to extend its exploration licence, even though only two of four wells it drilled in the past two years have shown "encouraging" hydrocarbon finds. Tullow said it will press on in Ethiopia. "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." Tullow said it has also suspended drilling activities and has reduced staff in the Horn of Africa nation. Big oil and gas finds along Africa's eastern coast are propelling an exploration boom.

Source: Ethiopian News May 12, 2024 08:24 UTC