British company approved to explore oil at Lake Malawi

The Malawi government has authorized SurEStream Petroleum of the United Kingdom to explore oil in Lake Malawi. Akimu Wona, an official from the Ministry of Energy, said that the company will operate in the northeast corner of Lake Malawi, which is considered to be more likely to have oil. If oil is discovered, the Malay government will receive 45% of the production and 12% of the mineral rights, but the two sides have not yet signed a production distribution agreement (PSA).

British companies indicated that they will invest 170 million U.S. dollars for exploration and production. Prior to the commencement of exploration, Ma local company will conduct an environmental impact assessment first to ensure that exploration operations by foreign companies do not affect the ecology of Lake Malawi. Sinkara and Tullow Oil have also applied for oil exploration in Malaysia.

Lake Malawi is the third largest freshwater lake in Africa. More than 500 species of endemic fish live in the lake. The Lake District is also the region with the most abundant fishery resources in the country. About 30,000 fishermen and 150,000 families work in fisheries-related jobs, and fisheries account for 4% of the country's total GDP.