Eritrea signs two off-shore oil exploration pacts

Eritrea signs two off-shore oil exploration pacts

Reuters - October 4, 2008

Eritrea has signed two deals to explore for crude off the Red Sea state's coastline, local media said on Saturday.

Asmara is a non-oil producer, but is suspected to have petroleum and natural gas deposits.

Eritrea is also thought to be rich in gold and industrial metals. Six companies from Canada, China and Australia are already looking for metals in western and central Eritrea. Read More.