Malawi, a landlocked country in southeastern Africa, is planning to commence debate on new oil and gas legislation following a review process to revamp the 1983 Petroleum Act. due to conclude in December.
The review process is due to be concluded in December.
The delayed release of the country’s revised Petroleum Policy is now expected in November this year, according to Malawi-based Nyasa Times. “Some 60 percent of the designated acreage, divided into six blocks, lies on land adjacent to Lake Malawi with several already allocated under regulations promulgated in 2009,” the media report revealed.
Jordaan Fouche, VP of SacOil, a South Africa-based oil multinational, told a gathering of stakeholders at a mining in the capital Lilongwe that the company is considering further investment once the renewal of block-1, located entirely onshore abutting the northern border with Tanzania is completed.
Beyond SacOil, Malawi houses a number of prominent oil firms including Emirates-based Hamra Holdings and RakGas, UK-based Surestream Petroleum and Singapore’s Pacific Oil & Gas.