Zimbabwe discovers oil, gas deposits


President of Zimbabwe Emmerson Mnangagwa on Thursday announced the discovery of oil and gas deposits in Muzarabani, in the Mashonaland Central province.

The deposits were discovered after a study carried out by an Australian company, Invictus Energy Limited.

In an address to the nation via television, Mnangagwa said in the last few months, the government worked with and facilitated Invictus to undertake oil and gas exploration studies in Muzarabani.

He said Invictus advised the government that the findings “are positive and point to oil and gas deposits in this area”, adding that Invictus and their partners would be making a statement to their shareholders through the Australian Stock Exchange in a few hours.

“Invictus is making use of data which was generated by Mobil Oil in the early 1990s when extensive oil and gas geophysical work was undertaken in the greater Muzarabani area. As part of its exploration studies, Invictus has engaged a number of world-wide professional companies with extensive experience in oil and gas,” said Mnangagwa.

The findings were positive news for the nation which has for years had an unstable economy.

The government of Zimbabwe is expected to work hand in hand with Invictus to ensure that the company attains its plans to sink an exploration by mid-2020. Invictus has committed itself to enter into a production-sharing agreement will the government of Zimbabwe, which would begin to apply once the project proceeds to commercial production stage.

Invictus Energy Limited is an independent oil and gas exploration Australian firm focused on high impact energy resources in sub-Saharan Africa.

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