Tullow Oil, a British company, has now started oil and gas exploration in northern Zambia; this is after the government sent soil samples sent to European laboratories revealed traces of crude.
Zambia does not produce oil but have been trying to move into other commodities to insulate it from price shocks.
Copper mining earns the country more than 70% foreign exchange. However, want to diversify its economy and reduce its over-reliance.
Tullow Executive Vice President Ian Cloke said in a speech during the launch that exploration would take between two and ten years. On the other hand, development will take three to ten years and production 20-50 years.
Upcoming oil exploration
“We are exploring over a large area in Northern and Luapula provinces. With Tullow’s exploration credentials, I can confidently say that if any oil is to be found in this area of Zambia, Tullow will find it,” said Cloke.
Additionally, Zambian President Edgar Lungu said that he was excited to receive the findings. He pointed out that he would closely monitor the exploration work of the upcoming survey .
“Our economy has been dependent on copper for a very long time. We have been vulnerable to shocks in global copper prices, which lie beyond our control,” Lungu said .
About Tullow Oil
Tullow Oil is a leading independent oil and gas exploration and production company. The Group has interests in over 85 exploration and production licenses across 17 countries which are managed as three Business Delivery Teams: West Africa, East Africa and New Ventures.
