GPB Global Resources B.V. and the East African Search for Petroleum

GPB Global Resources B.V. is a privately held and global group of companies involved in oil exploration and production projects. The company is based in the Netherlands with oil and mining projects in South America, the Middle East, and Africa.

The business is part of Russia’s state-owned Gazprombank Group. In 2014, GPB Global Resources B.V. invested $60 million in the search for petroleum in areas of northeastern Ethiopia. They also won a production sharing agreement that allowed for seven years of oil exploration and approximately twenty-five years of production.

Exploration involved surveying and drilling test wells in the Afar area that is a section of East Africa’s Rift Valley. GPB Global Resources B.V. is optimistic about these areas as there are numerous discoveries in the Rift Valley to Yemen, which has vast amounts of oil resources in its territory.

The company states that while Ethiopia has natural gas reserves in the East region, no gas or oil has been produced in the area. There are discoveries of oil in Uganda and Kenya that GPB Global Resources B.V. is developing for commercial production.

There are Chinese based companies also exploring the region for gas and oil. A representative for the company mentioned that if the oil or gas discover is not large enough to purchase and build a major pipeline to export the petroleum, it might force the local production business to pay the bill.

GPB Global Resources B.V. was founded in 2011 by Boris Ivanov. Boris is also the managing director of the company. His successful career includes work as a diplomat at the Ministry of Foreign Affairs of the USSR, and as vice president at Unibest Bank from 1993 to 2000. He studied at the Moscow State Institute of International Relations where he majored in international relations. He graduated with a master’s degree with honors.