Ethiopia's Ministry of Mines and Energy and Lundin East Africa BV, a Netherlands-based company,have signed an agreement that will allow the Dutch company to carry out exploration and development of a petroleum basin in the country's eastern state of Somali.Under the agreement, the company will allocate $1.24 million to explore and develop a petroleum basin in the first four years of exploration period. A press release circulated at the signing ceremony said the development and production period will be 25 years and may be extended.
