President Mnangagwa confirms oil discovery in Zimbabwe

November 1, 2018
| Report Focus News

HARARE-President Emmerson Mnangagwa has officially announced oil and gas deposits discovery in Muzarabani along the Cahora Bassa basin, following a study carried by Invictus Energy Limited an Australian company.

Addressing Journalists at his Munhumutapa Offices, President Mnangagwa said, government in the last few months worked with and facilitated Invictus, which is quoted on the Australian Stock Exchange, to undertake oil and gas exploration studies in Muzarabani.

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

“Invictus is utilising 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 President Mnangagwa.

President Mnangagwa said the findings by Invictus are an exciting development for the country, adding that government will work closely with the firm.

“The Government of Zimbabwe will work very closely with Invictus to ensure that the Invictus realises its plans to sink an exploration well by mid-2020. After exploration well, the next stage will be commercial exploitation of the resource,” he said.

Zimbabwe joins Uganda and Kenya on the list of recent African countries to discover oil. The discovery will help the country which has been grappling with an economic crisis for more than a decade.