VOL. NO: 48      DATE:
 

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AFRICAN ECHO BUSINESS NEWS
Complied by Cass Gilroy-Business Editor

Oil discovered in Zambia

President Mwanawasa has announced the discovery of oil and gas in Chavuma and Zambezi districts in the north western province of Zambia. He revealed the break through in Kabompo during a press conference in the district, saying that the samples collected from the two districts were positive. 

What remained to be done was for the exploration companies to determine the sizes of the identified oil and gas reserves in the two districts and expand the scope of the study to other districts in Zambia. The President has named a petroleum committee to facilitate oil and gas exploration by private companies. The committee, led by Mines Minister, Kalombo Mwansa, will be responsible for formulating policies and guidelines for the issuance of licences relating to petroleum and its extraction in Zambia. 

President Mwanawasa, who was in Kabompo for a campaign tour, said he would wait for the results of Kabompo East elections before naming the final member of the committee. 

He sent a team of experts from the geological survey department, the Ministry of Mines and the Ministry of Science and Technology following reports of prolonged fires in 2004. 

 

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