Jacob Zuma's Nephew to Develop Congolese Oilfields; Won't Sell His Rights

Khulubuse Zuma, South African President Jacob Zuma’snephew, said he will develop two oil blocks in the east of the Democratic Republic of Congo and that he doesn’t plan to sell the exploration rights.

“We’re in the process of developing the fields,” Khulubuse Zuma said by phone from Johannesburg today.

Zuma’s Caprikat Ltd. and Foxwhelp Ltd. were awarded the rights to blocks 1 and 2 at Lake Albert on June 22, nullifying a 2006 agreement with Tullow Oil Plc for the same blocks.

He denied a report in Business Day newspaper today, which said he was selling his Congolese oil rights, without saying where it got the information. “That’s such irresponsible reporting,” he said. “I cannot sell.”

To contact the reporter on this story: Franz Wild in Johannesburg at fwild@bloomberg.net

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