19-10-05 The Ministry of Mines and Energy and the Pexco Exploration, a Netherlands-based company, signed an agreement that enables the latter to carry out petroleum exploration and development activities in the Ogaden area of the Somali State.
Minister of Mines and Energy Alemayehu Tegenu and Attorney of the company, Keith S. Jackson signed the agreement here in Addis Ababa.

According to the agreement, the company would carry out petroleum exploration and development activities in the Ferfer and Abred regions with an initial capital of $ 5 mm on 29,865 sq km area of land in the area for the coming 25 years.
As per the agreement, the company would give preference to utilization of domestic goods and services as well as employment of Ethiopian nationals with the required qualifications and expertise.

The company, which is to carry out its activities in line with the laws of Ethiopia, would also provide in bonus $ 1 mm for collection and analysing data and monitor petroleum development activities, according to the agreement.