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GOVERNMENT has issued nine licences to five international companies to explore for oil in Lake Tanganyika in the Northern Province.
Minister of Mines, Energy and Water Development Christopher Yaluma said four of the companies have already started exploration in the area.
Out of the five companies, four have already started feasibility studies to pave way for the long-awaited extraction of oil and natural gas.
Mr Yaluma said Government is confident that the four companies exploring for oil will soon give detailed findings.
“Government has issued nine licences to five very experienced companies who are doing exploration right now. I know three or four have already started they have gone in flying through before the next three or four months you will know if we have hit [oil] or not,” he said in an interview last week.
Mr Yaluma, who could not immediately name the companies, however, indicated that the investors conducting assessments have vast experience in oil and natural gas exploration.
“The firms carrying exploration works in Zambia are experienced and have explored in countries like Ghana, Kenya and Tanzania were they have found oil and gas,” he said.
He also could not divulge more information regarding the investments that has been put in the project.
The minister reiterated that Government is taking the project seriously through supporting the companies that have shown interest in exploration of oil and natural gas.
He is hopeful that investments expected to be generated from the sector will go a long way in the growth of the sector and job creation as the area is endowed with massive reserves of oil and natural gases.
Recently, Government identified Lake Tanganyika as one of the potential sites for oil and gas explorations.
Minister of Mines, Energy and Water Development Christopher Yaluma said four of the companies have already started exploration in the area.
Out of the five companies, four have already started feasibility studies to pave way for the long-awaited extraction of oil and natural gas.
Mr Yaluma said Government is confident that the four companies exploring for oil will soon give detailed findings.
“Government has issued nine licences to five very experienced companies who are doing exploration right now. I know three or four have already started they have gone in flying through before the next three or four months you will know if we have hit [oil] or not,” he said in an interview last week.
Mr Yaluma, who could not immediately name the companies, however, indicated that the investors conducting assessments have vast experience in oil and natural gas exploration.
“The firms carrying exploration works in Zambia are experienced and have explored in countries like Ghana, Kenya and Tanzania were they have found oil and gas,” he said.
He also could not divulge more information regarding the investments that has been put in the project.
The minister reiterated that Government is taking the project seriously through supporting the companies that have shown interest in exploration of oil and natural gas.
He is hopeful that investments expected to be generated from the sector will go a long way in the growth of the sector and job creation as the area is endowed with massive reserves of oil and natural gases.
Recently, Government identified Lake Tanganyika as one of the potential sites for oil and gas explorations.
Daily Mail
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