Zambia launches first oil survey to diversify economy
Zambia has commenced a full tensiometer survey in the Luapula province in order to explore potential oil reserves in the north west of the country.
The survey, conducted by Tullow Oil, is aimed at diversifying the country’s economy and reducing dependence on copper exports.
Zambia president Edgar Chagwa Lungu said: ‘’My government has set a clear agenda to diversify the economy beyond copper and to realise the value of our other natural resources in a way which is transparent, sustainable and delivers positive impact for Zambians.
"The growth of an oil industry is a key pillar of our diversification policy and my government is working hard to create the necessary regulatory and fiscal measures to guide the development of this sector to ensure it unlocks value for all our people."
Zambia is the second largest producer of copper in Africa, with exports totalling $7bn in 2015.
The country recently launched the seventh iteration of its National Development Plan, aimed at creating one million new jobs over the next five years and attaining middle-income country status by 2030.
Tullow’s other operations in Africa include interests in the rift basins of Kenya, where it discovered an estimated 600 million barrels of oil resources in the South Lokichar Basin.