|
Zambian oil discovery still in its infancy, Says Minister
THE process of discovering oil deposits in the north western province of Zambia is still in the early stages and requires heavy investment, according to the government. Acting Mines Minister, Ngandu Magande, told Parliament that although ministry officials had indicated that there could be oil deposits, the country was still far from finding it.
Mr Magande said that the Government was currently inviting investors who were prepared to risk their money to drill for oil. "We need investors who can say exactly where the oil is and determine the quantity that will be discovered underground," he said.
He said that so far, the Government had openly advertised for people who could survey for oil deposits. He also promised that the current agreements the Government was signing with new mine owners required that environmental issues were implemented.
Over the years, Zambians have become poor because copper deposits were mismanaged in the past. But Luena MP, Charles Milupi, said that mineral and copper deposits should be wisely used while the mineral royalty should also be increased to five per cent.
|
