Oil exploration results to be known in August – Yaluma

MINES and Minerals Development Minister Christopher Yaluma says the country will before the end of July and August 2017 know whether there is oil in the oil exploration block 54 around Lake Bangweulu.

Mr Yaluma adds that before the end of September 2017, the country will also know if there is oil and gas in the most potential block number 31 along Lake Tanganyika stretching into Luapula and Lake Mweru.

In a ministerial statement to update the house on the status of the oil and gas exploration in Zambia, Mr Yaluma says currently 12 out of 56 oil exploration blocks are under license.

Mr Yaluma says of the 12 under license, six are currently active.

He says government is doing all it can to ensure that the programme of oil exploration is concluded to establish whether the country has oil or not.

Mr Yaluma states that government is proceeding to make the investment attractive considering the high potential of oil and gas in the country.

He adds that government is committed to the development of the oil and gas industry, and will do everything in its mandate to ensure that there is a robust legal and regulatory, as well as institutional framework in place to attract and retain investment in the oil and gas sector.