Swala-Zambia Limited has announced a reserve of US$23 million for hydrocarbon oil exploration works in Southern, Northern and Eastern provinces of Zambia.
Swala-Zambia Limited board Chairman Charles Milupi said the company last week applied to the Ministry of Mines, Energy and Natural Resources for the exploration works and hoped that the bids will be considered expeditiously.
Mr. Milupi said the bids were for the permits known as block 31 for Lake Tanganyika, block 42 for oil exploration in Luangwa basin while block 44 is for Kariba basin exploration respectively.
He disclosed this development at a press briefing in Lusaka today.
Mr. Milupi also said Swala-Zambia Limited has set aside huge amounts money for training of manpower and for the entrepreneurship for exploration activities.
And speaking at the same briefing, Company Chief Operating Officer Davies Sikatali said the company was also expected to employee over 500 people during the exploration period.
Mr. Sikatali further revealed that over 2,500 employees were expected to be employed when the company kick starts full oil exploration in areas where oil products will be discovered.
He said Swala-Zambia Limited will complement government efforts in job creation and improving the economy of the country.
ZANIS
This is good development especialy that the company involved is a local one
way to go. thats whats up. this is news not just the negative stories on watchimbwa
Why are u avoiding western province where you are building an ultra modern stadium and roads?
There is oil wherever u dig at random.
Moreover milupi comes from there and is aware of this.
Barotse Petroleum got the permit to explore the blocks in Western Province.
Barotse Petroleum ( BP ) got the permit to explore the blocks in Western Province ?
positive and brilliant idea Milupi and +,but quit politics dont mix the two —-
We have heard many of such pronouncements. Let us hope they will do as they say. We want Kavindele to commence the North-West Railway Company.
What’s the US$23m for? What a funny way of doing business. Mr Milupi’s company has already secured monies for exploration before their application are considered for award.
Basically they have no permits and want to talk big, hoping for a favourable consideration from the Ministry of Mines. When they are awarded the permits , they will venture on looking for partners for exploration and bring in the permits as equity.
In any case even if they had the US$23M, this is small change in the oil exploration industry. Huge on pronouncements and empty on implementation !
We call this PHD
Late Mwanawasa announced that Zambia had hit oil in Chavuma and Zambezi. The announcement was made on October 23 2006. On 11thJanuary 2008 Levy again told us that even more oil had been discovered. We have been waiting and waiting and waiting for the oil to be drilled up to today. Only to hear that we are exploring for oil today Aba bakabwalala batila amapolitician!
Barotse what?