Govt poised at securing Zambia’s own oil reserves

Government says it is alive to the reality that Zambia needs to have its own oil and gas reserves.

Mines Deputy Minister Richard Musukwa says having oil and gas reserves is what will help improve the country’s cost profile of many things.

He has told Qfm News that Zambia will not only see the price of fuel going down as a result, but also the price of other essential commodities that are tied directly to oil because of production.

Mr. Musukwa notes that if therefore the country manages its oil needs in this manner by bringing the cost profile down, goods and services will certainly begin to go down.

He states that government to this effect is satisfied that the country is moving in the right direction with respect to ongoing oil and gas explorations.

Mr. Musukwa states that government has been receiving quarterly reports from the companies that have been given oil and gas exploration licenses.