Britain's Tullow starts oil and gas exploration in Zambia

14/08/2017 09:56 Energy Market


British firm Tullow Oil on Friday launched exploration for oil and gas in Zambia, Africa's No.2 copper producer, as the nation strives to diversify its economy and reduce its dependence on the industrial metal.

Copper mining earns Zambia over 70 percent of its foreign exchange but the southern African state has been making efforts to move into other commodities to protect itself from price shocks.

Zambia does not produce oil, but the government mentions that soil samples sent to European laboratories have shown good hints of crude.

According to Tullow Executive Vice President Ian Cloke, exploration would take between two and 10 years, development three to 10 years and production 20-50 years.

Cloke stated that they are exploring a huge area that comprises Northern and Luapula provinces, referring to regions in the north of Zambia.

He is confident that with Tullow's exploration credentials, if there is any oil to be discovered, Tullow will find it.

Zambian President Edgar Lungu announced at the launching ceremony that he was keen to receive the findings of the survey and would carefully supervise the exploration work.

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