The Zambian government has chosen Oranto Petroleum, one of Africa’s leading oil
companies, to conduct oil exploration work in the country.
Under the terms of the agreement signed on Thursday, June 28, the company will hold a 90% stake in the two exploration blocks and Zambia Consolidated Copper Mining Investment Holdings (ZCCM-IH) and the remaining 10% will be held by the company. government.
“Oranto Petroleum intends to implement an aggressive work program to increase the level of prospectivity of one of the last truly frontier markets in the world,” said company president Prince Arthur Eze in a statement. a statement.
According to him, “the company is determined to transform Zambia into an oil and gas producing nation”.
The agreement also requires the conduct of geological and geophysical studies during the first two-year period.
Oranto Petroleum and its sister company, Atlas Petroleum International, are present throughout the African continent and hold 22 oil and gas licenses.
In addition, Tullow Oil is conducting exploration work in the north of the country.
