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GPB Global Resources B.V. Establishes Operations In Venezuela And Ethiopia

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GPB Global Resources B.V. is a global financial services firm. Based in Amsterdam, Netherlands, it actively looks for and produces oil and mineral resources. It is mainly active in Latin America, Africa, and the Middle East. It also acts as a consultant and financial services provider for state-owned firms and governments that are actively developing natural resources. It was founded in 2011 and employs over 100 people.

It has a joint venture in Venezuela. GPB Global Resources B.V. owns 40% of Petrozamora JV. The other 60% is owned by the state oil company PDVSA. The joint venture was established in 2012 to work in two oil fields in Venezuela. It later expanded to other oil fields in that country. For more information about GPB, visit at crunchbase.com

In Africa, GPB Global Resources B.V. is currently active in Ethiopia. According to Executive Director for Corporate Communications Sergey Tagashov, his company is investing about $60 million in Ethiopia in a quest to locate oil. Most of this money will be spent conducting surveys and drilling test wells. Activity is focused on a 42,000 square kilometer area in the East African Rift Valley.

Tagashov, who was speaking from Pula, Croatia, said that GPB Global Resources B.V. is using logic on this project. Oil has been found in other parts of the East African Rift Valley that stretches through Ethiopia, Yemen, Uganda, and Kenya. It stands to reason that means oil is in Ethiopia’s part of this valley as well.

With a large trade deficit, Ethiopia needs to develop its natural resources. It is known to contain four trillion cubic feet of natural gas. However, none of it or oil has been extracted. Tullow Oil in the United Kingdom drilled four test wells in Ethiopia but came up empty.

SouthWest Energy of Hong Kong and China’s GCL-Poly Energy Holdings are also exploring for oil in Ethiopia. It is a politically stable country and, with 90 million people, Africa’s second most-populated nation. With a growing economy, companies are looking to invest in this country.

Read More: Russia’s Gazprombank sells its indirect stake in Venezuelan venture

Author:kingsforamerican