Message Jeu 17 Jan 2013 08:08

ZCCM-IH to explore for oil, gas

http://www.daily-mail.co.zm/index.php?o ... Itemid=188


Written by Online Editor


By TRYNESS MBALE
ZCCM-Investment Holding says it plans to conduct oil and gas exploration in North-Western Province between now and 2016.
According to ZCCM-IH strategic plan for 2012 to 2016, exploration will be done at Chavuma, Zambezi, Kapompo and Chavuma /Zambezi in North-Western Province where the four licences have been granted.

“This exploration requires a lot of time and resources to bring the project to identification of a lead. Most of these geological activities will be done by oil and gas exploration experts under a joint venture arrangement,” the firm says.
The company says the exploration will require the services of specialist consultants in oil and gas exploration to carry out the initial exploration works while ZCCM-IH is seeking technical and financial partners.
It further says it will explore the possibility of investing in other energy assets and the activities to be undertaken for each possible investment will be establishing the possibility of a joint venture partnership.
Other possible investments are to engage independent technical consultants to carry out the resources audit and development scheduling to audit the bankable feasibility study.
The report says in the event of positive investment results, a controlling stake in the operations of the asset will be sought.
Meanwhile, the firm says it will invest US$55 million in a thermal power plant project at Maamba Collieries Limited in Sinazongwe.
The company says following the engagement of an equity partner, the firm is required to invest US$55 million as 35 percent equity contribution to the thermal power plant.
It says while the plans for the power plant are yet to be firmed, the payment of dividends over the strategic period is not expected.