Home / Business / Oranto Petroleum enters Zambian market

Oranto Petroleum enters Zambian market

Pan-African explorer Oranto Petroleum is farming into two exploration blocks located onshore Zambia, as part of the company’s first investment in the country.

“Oranto Petroleum is committed to an aggressive work program to increase the level of prospectivity in one of the world’s last true frontier markets,” said Prince Aurthe Eze, Chairman of Oranto Petroleum.

Oranto Petroleum’s passion is discovering the vast potential frontier oil and gas markets in Africa.

“We are committed to developing Zambia into an oil and gas producing nation, as we have many times with other countries on the continent,” said Eze.

The development comes after Oranto Petroleum acquired a 90 percent stake in two onshore Zambian Blocks, while ZCCM Investment Holdings will control a 10 percent share, on behalf of government According to Oranto, the agreement requires conducting geological and geophysical studies for first two-year sub-periods.

Oranto Petroleum and its sister company Atlas Petroleum International comprise the largest African independent by acreage, with active exploration and production programs across the continent, including Benin, Equatorial Guinea, Ghana, Liberia, Namibia, Nigeria, São Tomé and Príncipe, Senegal, South Sudan and Uganda.

Current operators in Zambia include Tullow Oil and Bowleven, though only marginal finds have been discovered, the under-explored market shares basins with Tanzania to the northeast and Angola to the west — both of which have hosted mega oil and gas discoveries.

Check Also

CEC to supply 78MW of electricity to Metalkol SA

Copperbelt Energy Corporation has signed a long-term contract to supply up to 78MW of electricity …