A draft petroleum policy and a petroleum proclamation, which enable Ethiopia to consolidate its exploration of oil and determine the volume of natural gas in the country to subsequently extract them, has been finalized, according to Ministry Mines and Petroleum.
A workshop that discusses the draft documents was conducted today to gather inputs on further developing the documents.
The petroleum policy is reportedly aimed at making investors in petroleum more fruitful, enhancing federal and regional collaboration, identifying problems in the value chain and fixing the problems of the sector as well as soliciting competent market system in the country by assessing better market opportunities.
It would encourage the use of technology and entrepreneurship and the exchange of experiences, it was stated.
Petroleum Licensing and Administration Director at the Ministry, Qetsela Tadesse said a study has been conducted in the last one year to draft the policy.
The policy will have a positive role in attracting new investments in the sector, he added.
The draft proclamation on petroleum, on the other hand, will replace the proclamation issued in 1985 as it is outdated and cannot go along the present reality in the country, the director stated.
According to Qetsela, the policy will come in to effect after inputs gathered and ratification by the authoritative body, ENA reported.