Oil and natural gas reserves have been 'confirmed' in Eritrea
:banana::banana:In their annual African Economic Outlook, the African Development Bank states there is confirmed presence of commercially viable reserves of oil and natural gas in Eritrea.
"In addition, geological studies have confirmed the presence of oil and natural-gas reserves in commercial quantities."
The news comes five months after a group of British businessmen led by former UK conservative Chairman Michael Howard arrived in Eritrea to explore investment opportunities in the exploration of hydrocarbon and natural resource in the country.
Eritrea has been tight-lipped about the presence of oil and natural gas, but during a 2009 interview with Awsat, President Isaias Afwerki did reveal there is a "large reserve (of oil)" in the country.
Regionally, Kenya, Uganda, Sudan, South Sudan, and Somalia are at different stages of extraction of petroleum after foreign companies discovered commercially viable oil and gas in their respective countries.