Canada-based 4th Resource has been awarded the reconnaissance license for a geothermal project in Ethiopia, the first license to be awarded under the 2019 geothermal regulations.
4th Resource announced on Tuesday that it had been awarded a geothermal reconnaissance license by the Ministry of Mines of the Federal Democratic Republic of Ethiopia (FDRE).
“This is a major milestone for 4th Resource as it advances towards its goal of becoming an independent energy developer with a minimum environmental footprint,” the company said in a statement.
The license covers an area of 1948 sq. km. in the Somali National Regional State and the Dire Dawa Administration Council Regions of Ethiopia.
The license is the first to be awarded under the new geothermal regulations issued in 2019 which are designed to facilitate and incentivize geothermal development in the country.
The license will allow the 4th Resource geoscience team to assess and qualify previously identified geothermal resources with the objective of proceeding to exploration and development phases.
The project in Ethiopia is a geothermal prospect that leverages the skill sets in exploration, geoscience, and drilling that the team at 4th Resource has honed in the hydrocarbon industry in Canada and internationally.
4th Resource has experience in working in Ethiopia, are well-versed with the region’s geology, and have assembled an excellent in-country team.
Said the company’s president Phil Harms: “4th Resource is excited to pursue geothermal development in one of the highest potential, most underdeveloped geothermal regions in the world.
We are confident that we can contribute to energy security and reduce energy poverty in a region currently undergoing tremendous growth while holding ourselves to the highest ethical and environmental standards.”
4th Resource is a next generation geothermal energy developer. Based in Canada, 4th Resource utilizes the skills and knowledge adapted from the hydrocarbon resource exploration sector and deploys leading edge technologies and experience to drive down the cost curve and timeline of geothermal resource development.