Tullow Oil Executive Vice President Ian Cloke says his company is optimistic that it will find oil deposits in Luapula and Northern Provinces.
Dr. Cloke says this is based on the data that the company has analysed so far.
He says the exploration exercise will take about four years to be completed.
Dr. Cloke told ZNBC News in an interview in Kasama that his company has a history of having found oil in Uganda, Ghana and Kenya.
He says the economy of Zambia will change once oil is found.
Dr. Cloke disclosed that his company decided to come to Zambia because of the good business environment.
He disclosed that his company will today sign an agreement with the University of Zambia -UNZA- to start working with students during the exploration exercise.
Dr. Cloke says his company wants to build capacity in the Students so that they can run the oil companies in future.
He says Tullow will also donate equipment to the Geological Department at UNZA.
Dr. Cloke was speaking in an interview with ZNBC News in Kasama today.
And Minister of Mines Christopher Yaluma has told ZNBC News in Kasama that government will revoke exploration licences for companies that will not make progress in their blocks.
Mr. Yaluma said the exploration licenses have been awarded to various companies working across the country.
He said the coming of Tullow to Zambia is an indication that government is committed to conducting oil explorations for the benefit of the country.