Oranto Petroleum, one of Africa's largest oil firms, on Thursday signed an agreement with the Zambian government for oil exploration work.
Under the agreement, Oranto Petroleum will hold a 90 percent stake in two exploration blocks while the Zambia Consolidated Copper Mines Investment Holdings (ZCCM-IH) will hold the remaining 10 percent on behalf of the Zambian government.
"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," Prince Aurthe Eze, the firm's chairman said in a statement.
He said his firm was pleased to add Zambia to its extensive portfolio in oil exploration and that the firm was committed to developing Zambia into an oil and gas producing nation.
The agreement requires conducting geological and geophysical studies for the first two-year period, according to the statement.
Oranto Petroleum and its sister company Atlas Petroleum International have an extensive footprint across the African continent, holding 22 oil and gas licenses.
Zambia has invited investors to conduct gas and oil explorations. Currently, British firm, Tullow Oil, is conducting exploration work in the northern part of the country.
Editor:Amber
