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Ethiopia,
US Resources Corp. sign
$60 mln oil accord
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ADDIS
ABEBA(August 22, 2008) -Titan Resources Corp., owned
by U.S. billionaire Nelson Bunker Hunt, won agreements to explore
two areas in Ethiopia for oil and gas, an online report said citing
the Ministry of Mines and Energy.
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, Bloomburg quoted Abiy Hunegnaw, director of petroleum
operations at the ministry as having said in a telephone interview.
The two blocks combined cover an area larger than 100,000 square kilometers,
the official was cited in the report which said the two sides agreed
to a 25-year production-sharing agreement.
``We are very lucky to have them''.
According to the report the official was confident exploration will
resume in the region in the near future.
``Hopefully in one to two months operations will restart,'' he was
quoted as saying. ``We are doing our best to find some contractors.''
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