Cabinet has approved, in principle, the introduction of the Petroleum Bill, 2025 in Parliament, which seeks to repeal the outdated Petroleum Act No. 28 of 1930.
The move is aimed at aligning legislation with the dynamic changes and advancements in the petroleum industry.
Chief Government Spokesperson and Minister of Information and Media, Cornelius Mweetwa, said the existing Act was initially established to regulate the exploration, extraction, and management of petroleum resources over the decades, but the petroleum industry has evolved significantly, necessitating a comprehensive legislative overhaul.
“It is envisaged that the proposed Bill will promote more efficient and safer industry practices that conform to modern regulatory frameworks, standards, and practices,” said Mr. Mweetwa in a statement issued to RCV News in Lusaka today.
And Mr. Mweetwa said that during the same meeting, Cabinet also approved Zambia’s membership in the Global Battery Alliance (GBA), that aims to establish a sustainable battery value chain by 2030.
Mr. Mweetwa said Zambia’s rich cobalt reserves position the country strategically to benefit from the growing electric vehicle market.
He added that Zambia’s participation would also help ensure adherence to high environmental and human rights standards set by the alliance.
Meanwhile, Mr. Mweetwa added that Cabinet has approved, in principle, the introduction of a Bill in Parliament to repeal the Land Act, Chapter 186 of the Laws of Zambia.
According to Mr. Mweetwa, the proposed reforms will ensure that accurate and timely information about Trusts, including details on their creators, trustees, and beneficiaries, is readily accessible to government bodies, law enforcement agencies, financial institutions, and other competent authorities.
By Angel Kassabo
