CAPE TOWN, Oct 9 (Reuters) - Sweden's Lundin Petroleum (LUPE.ST: Quote, Profile, Research, Stock Buzz) said on Thursday it was confident that exploration in Ethiopia's Ogaden basin would lead to discoveries of oil as well as natural gas.

"We feel that this basin has not only proven gas potential but also light oil," James Phillips, Lundin Petroleum's vice president of exploration for Africa and the Middle East, said at the Africa Upstream 2008 oil conference in Cape Town.

Lundin is among a handful of companies that are exploring for gas and oil in Ethiopia. The company also has operations in several other African nations, including Tunisia, where it holds a stake in the Oudna energy development.

Phillips added that the company was keen to expand in Congo Brazzaville and other African markets.

Source: Reuters