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Ethiopia's SouthWest Energy eyes east Africa oil boom

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04/07/13

  10:08:56 pm, by admin, 107 words  
Categories: Energy

Ethiopia's SouthWest Energy eyes east Africa oil boom

SouthWest Energy chief executive Tewodros Ashenafi

Ethiopia's SouthWest Energy eyes east Africa oil boom

By Michael Kavanagh

Financial Times

SouthWest Energy of Ethiopia aims to be the latest company to profit from east Africa’s oil and gas exploration boom after securing encouraging third-party estimates for the amount of oil contained in its licences across the country.
Tewodros Ashenafi, founder and chief executive of SouthWest, said that he expects the release on Monday this week of a report gauging prospective reserves to drive private investor support for the drilling campaign in the Jijiga Basin region.

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Tags: energy

15 comments

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Comment from: MutualGood [Visitor]
MutualGood

The implementation of the drilling is good for mutual benefit of Canada and Ethiopia.

04/07/13 @ 22:21
Comment from: Seattle [Visitor]
Seattle

A quick galance of the Company’s information on its website says:

What does SoutWestEenergy do?
SouthWest Energy is an oil exploration company.
Is SWE an Ethiopian company?
Yes, SWE’s largest shareholder is the family trust of Ethiopian CEO Tewodros Ashenafi. The company is registered in Hong Kong.
Who owns SWE?
The board, advisory board and management team are all shareholders, along with a number of corporations and private citizens.

An Ethiopian company registered in Hong Kong?
There is something fishy about this company. No prior experience in oil exploration, no experience in anything, it just pop up from nowhere with plenty of cash.
Who are the private citizen owners? Are they Ethiopian or Hong Kong Citizens?? This is a clearly a TPLF front.

04/07/13 @ 23:20
Comment from: Amoraw [Visitor]
Amoraw

Mr. Ashenafi has been saying there is oil and give me money for years now. He better produce results quickly. Hope he is not a snake oil sales man….

04/08/13 @ 01:31
Comment from: Ash [Visitor]
Ash

Dear seatale,

Why do u realy care where Tewodros Ashenafi got his money…did u know a law protect everyone the right presumed innocent until proved guilty…

Beside the Swiss didn’t ask king Haile, and all Africa dictators where they did bring them money…. U supposed to ask question if mr.Tewodros Ashenafi take money out of Ethiopia but he is bring money…. What is his crime if the shareholder are Hong Kong what is the problem…only thief think every is thief and suspect everyone

If mr. Tewodros Ashenafi get the Hong Kong investors trust and they give him money that by itself must count for something…. Why not u try to organized few Ethiopia to trust u with only 1000 dollars…. U will not do it so it mr.Tewodros Ashenafi did it that is great by itself. About his experience u hire experience people beside u have to start from somewhere..

04/08/13 @ 03:56
Comment from: C'est moi senait [Visitor]
C'est moi senait

Let them drill , we will confiscate and nationalise everything these HODAMS OWN. And we will throw them all in Afar active volcano from helicopter .

04/08/13 @ 09:51
Comment from: TEDDY [Visitor]
TEDDY

Ashish ,who are you supposing fooling ,you ,as a close relative , ally and supporter of the Agazi bandits and Tigre Mafiosis ,know perfectly where this guy
took the supposed moneys .Does it mean the Tax heaven countries banks where the evil Tyrant couples have deposed the stolen moneys did ask them where the hell ,did they bring them from .

04/08/13 @ 10:53
Comment from: sema [Visitor]
sema

There is no doubt Ethiopia has huge natural oil, Gas and shell Gas. Ethiopia is the only biggest nation on Earth; Geological search/steady is not yet done about 90% of the country. In other nations they are done several times including as deep as four or more KM.

According to the current news, USA will be totally energy independent by 2020 which is less than 7 years from now. Within two years, they will be completely stopped importing any energy source from the Middle East. In 2020, they will stop importing from Canada and Mexico. Instead they are exporting cool right now to Europe and after 2020, they also will export liquid Gas.

According to the sources, Ethiopia could/would have huge Shell coal, oil and Gas reserves. For sure It is when not if. So, it is about the mater of time.

The Ethiopian government needs to intensify its effort in mining especially energy sources as it is doing its best in Agriculture.

04/08/13 @ 11:25
Comment from: mesfin_b [Member]  
mesfin_b

Is this the “Real deal!". am I hearing such sweet news for my Ethiopia! If it is, do you guys know what it means?
This means our nation will finally join the elite member’s club of Oil producing countries. This means we shall “Rub Shoulders” with those arab nations who had been looking down at us!!!
Let us all hope this is not one of those “Pie-in-the-sky” situations.

04/08/13 @ 11:45
Comment from: ethiovistor [Visitor]
ethiovistor

The restless WEYANE-LEBAS organaized crime association, who only works for WONBEDES,SHIFTAS,BRIDGE-DESTROYER
money hungry maggots could re-loan and re-finance indirectly under the name of wonbede’s gathering ORG. called EFFORT.

04/08/13 @ 12:01
Comment from: Smar [Visitor]
Smar

This man is Ethiopian what ever is his ethnicity.I remember that I read news letter about this person and his few other friends were doing in oil business in NY stock exchange and them made their fortune out of the stock exchange and decided being united to open their own oil company to register in Hong Kong. There they start and give priory to explore and drill in their mother land Ethiopia . It that crime?

04/08/13 @ 12:11
Comment from: Gragn Ahmed [Visitor]
Gragn Ahmed

This is fishy company. Malaysia left and Chinese came in and also lost due to insurgency in the area. First, Wayane must go and a democratic government is installed. Otherwise, the Somali people will soon be evicted in the name of development. More oil is always more problem. This name was an attempt to placate the Somalis who opposed foriegn companies in their Turf. Sweden are trying to be within that company and at the same time they are courting ONLF.

04/08/13 @ 13:32
Comment from: axumawit [Visitor]
axumawit

Drill baby drill!

04/08/13 @ 16:11
Comment from: Tulu Proud ET [Visitor]
Tulu Proud ET

Very good point “Seatle”

As we know Hong Kong is China but since China is despised for its parasitic and dictatorship supporter nature they are trying to look different.

The devil in the detail concocted by EPRDF/TPLF and China. EPRDF is notorious in working in the dark, disguised, covertly and by excluding non-Tigres EPRDF bottom feeders from any information.

Ashenafi and all TPLF blood suckers are treating Ethiopia as their cash cow and private property.

After putting non-Tigre citizens to live in abject poverty TPLF blood suckers live above the law and beyond riches in the country they made the poorest county in the world.

At this time it is all about looting and in a path of destruction as far as EPRDF is concerned.

They don’t think they have to consult and get approval of citizens who are living in that area. This is the continuation of what they have always done. It is all ME, FOR and BY TPLF Tigres which is what TPLF have planned after discovering separated Tigray will not survive without Ethiopia.

Hailmariam recently showed us his ugly side when he said to continue what Meles didn’t get the chance finish it. It was first to cleanse Amaras ethnic and then the Oromos.

04/08/13 @ 17:42
Comment from: Tulu Proud ET [Visitor]
Tulu Proud ET

Gragn Ahmed

Miraculously, this time I greeing with you.

There is always room for reconciliation and improvement so long as we are honest and want the best for our people who are faced with greed and cruelty they never expect to come from the so called government.

Oil is a no doubt for locals being forcefully evicted and faced with ethnic cleansing.

Woyanes are sniffing for more and more money and humans especially non-Tigrea life is good as long as it is in dire situation. Woyanes are only working to make themselves rich and make our people poor.

A united struggle must continue to evict Woyanes from Arat Kilo and our lives and replace it with a system that is peaceful, real democratic and fair to all. No more hidden agenda.

04/08/13 @ 20:24
Comment from: Bekele [Visitor]
4 stars
Bekele

Please let us stop this hatred politics. We have tried it for the past 21years, and I dont think it is helping our cause. Let start thinking the positive way. let us have a mature idea. Please let have patience, be far sighted and tacticful.tnxs.

04/10/13 @ 09:39

rebtel

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