(Ecofin Agency) - Tullow Oil has been granted a petroleum exploration licence for Block 31 in the Northern Province of Zambia by the government.
According to Tullow Oil’s Vice-President for Exploration, Ian Cloke, the company plans to invest $69 million for its exploration deeds in Zambia and Tullow will embark on geological and geo-chemical studies in the next two years around the Lakes Bangwelu, Mweru Wantipa and Tanganyika.
Zambia’s Minister for Mines, Christopher Yaluma, said the Petroleum Exploration Licence for Block 31 was part of the blocks that has high possibility for oil and gas in the Northern Province.
The Minister added that the exploration activities to be performed by the company will allow Zambians to have access to technical skills as the government is dedicated to making sure that the process was transparent and profits generated from any oil finds would be accrued to the people.
Yaluma said the ministry had begun an assessment of the Petroleum Act of 2008 so as to guarantee that the country becomes competitive in the oil sector, Bernama news reports.