ZCCM-IH | New partnership in two onshore Zambian oil blocks
ZCCM Investments Holdings Plc (“ZCCM-IH” or “the Company”) is delighted to announce that the Company has been granted two onshore Oil and Gas exploration licenses by the Ministry of Mines and Minerals Development of Zambia (“MoMMD”). The two licensed oil blocks are situated in the Western and Muchinga provinces of Zambia. The granting of this license by the MoMMD is in line with ZCCM-IH’s strategy to undertake mining related diversification particularly in the energy sector.
In order to undertake exploration works on the license area, ZCCM-IH has partnered with Oranto Petroleum (“Oranto”) a Nigerian based and the largest privately-owned oil exploration and production company in Africa. Oranto will own a 90% stake in this project while ZCCM-IH will retain 10%. Oranto will provide funding and technical support for the project. The technical support will include the provision of training to ZCCM-IH Technical Staff in oil and gas exploration and production.
Dr P C Kasolo Chief Executive Officer Issued in Lusaka, Zambia on Tuesday, 10th July 2018
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