Gas and oil exploration company Tullow Oil Executives on 23 Nov. met with Zambia’s Head of State His Excellency Edgar Lungu during the Luapula expo. Vice President for Tullow Oil Tim O’hanlon told the President that the exploration company was on the verge of making a decisive move in Zambia.
O’hanlon advised that Tullow was done with the initial stages of the oil and gas exploration along the rift valley area of lakes Mweruwantipa and Tanganyika respectively. Tullow will provide an update on the exploration findings by January 2018.
In June 2016, Tullow announced that it has extended its East African acreage through the award of Production Exploration License 28, onshore Zambia. Tullow is currently operator with 97.50% interest.
The 52,937 sq km block gives Tullow access to three unexplored tertiary rift basins and includes the Zambian parts of Lake Mweru, Lake Mweru Wantipa and Lake Tanganyika, This new acreage builds on Tullow’s low-cost, core Tertiary rift basin plays in East Africa.
Successful discovery of oil in the northern block will change Zambia’s economic outlook.
Tullow Country Chief executive Officer Dr. Sixtus Mulenga narrated to the President how inhabitants of Luapula province were beneficiaries of educational grants. These are in excess of $50,000 with the University of Zambia receiving a total of $100,000.