African and Saudi Arabian firms eyeing oil exploration project in Zambia

jack  Glyn Lowe PhotoworksZCCM has four oil and gas exploration blocks in the northwestern province that borders Angola and DR Congo. (Image source: Glyn Lowe Photoworks/Flickr)A number of African and Saudi Arabian companies have shown an interest in partnering with ZCCM Investment Holdings for oil and gas exploration projects in Zambia, according to the Zambian firm

ZCCM, which is 88 per cent owned by the Zambian government, has four oil and gas exploration blocks in the northwestern province that borders Angola and DR Congo.

Mukela Muyunda, CEO of ZCCM, said, “We will work with other partners so that we can benefit from their experiences in these areas, particularly for oil and gas.” Muyunda has, however, declined to name the companies that have expressed an interest in oil and gas exploration.

Muyunda said that ZCCM was “seriously considering establishing an exploration subsidiary” that would have separate divisions searching for oil, gas and base metals. The proposal will go to the board for approval in March, he added.

Zambia produces no oil and gas and has yet to discover any resources, although its neighbours Angola, DR Congo, Mozambique and Tanzania either produce or have known reserves.

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