Why Top Zambian CEO Defends Sale of Oil Exploration Rights

By Published On: July 10th, 2018Categories: Articles

To obtain technical skills, to reduce exploration and drilling costs, which will result in shareholder wealth maximization…

ZCCM-IH Chief Executive Officer Dr Pius Kasolo has strongly defended the decision to sale the oil exploration license to a Nigerian oil firm Oranto Petroleum.

Some sections of the Zambian society has questioned the rationale behind ZCCM-IH’s decision to give up its oil and gas exploration license to a Oranto.

Oranto will own a 90% stake in this project while ZCCM-IH will retain 10%.

Dr Kasolo said the decision to partner with Oranto was strategic as it will allow ZCCM-IH to acquire technical skills from their Nigerian counterparts.

He said Oranto will also provide funding and technical support for the project.

Dr Kasolo stated that technical support will include the provision of training to ZCCM-IH Technical Staff in oil and gas exploration and production.

“We are 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)….

View The ZCCM-IH’s Website

Read complete article: Lusaka Times  

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