Zimbabwe has discovered oil and gas deposits in the northern town of Muzarabani, President Emmerson Mnangagwa disclosed at a press conference on Thursday.

According to him, the discovery which is the first in the country’s history was made by Australian firm, Invictus Energy. He added that the company will be able to sink an exploration well by middle of 2020.

“Invictus is utilizing data which was generated by Mobil Oil in the early 1990s when extensive oil and gas geo-physical work was undertaken in the greater Muzarabani area,” a statement from the presidency said.

“As part of its exploration studies, INVICTUS has engaged a number of worldwide professional companies with extensive experience in oil and gas. We have since been advised by INVICTUS that the findings are positive and point to oil and gas deposits in the area,” the statement added.

The government said it was looking forward to the exploratory stage in mid-2020 and the subsequent commercial exploitation of the resource. Further studies in targeted areas are ongoing, the statement added.

Harare will enter a production sharing agreement with the company soon as the project proceeds to the commercial stage, the statement concluded.

The southern African country is resource rich, boasting of gold, diamond, coal, iron ore, copper and platinum group metals. There has been reports that years of corruption and maladministration has led to plundering of proceeds whiles communities remain impoverished.

Source : Africa News