Blog

You are here:Home BLOG ZIMBABWE: President Confirms Oil & Gas Discovery
Rate this item
(0 votes)

ZIMBABWE: President Confirms Oil & Gas Discovery

By Published November 01, 2018

Amidst dire economic situation, President Emmerson Mnangagwa has officially announced the discovery of huge deposit of oil and gas in Muzarabani along the Cahora Bassa basin following a study carried out by an Australian company - Invictus Energy Limited.

Addressing Journalists, 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 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.

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

Zimbabwe joins Uganda and Kenya on the list of recent African countries to discover oil.

It is hoped the discovery will help the south African country which has been grappling with economic crisis for more than a decade.

Read 74 times