Zimbabwe discovers oil, gas deposits 

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

Source: Zimbabwe discovers oil, gas deposits | eNCA

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

HARARE – Zimbabwean President 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 a televised address to the nation, 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 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 Mnangagwa.

He said the findings were an exciting development for the country.

“The government of Zimbabwe will work very closely with Invictus to ensure that the company realises its plans to sink an exploration well by mid-2020.”

He said Invictus committed itself to enter into a production-sharing agreement will the government of Zimbabwe, which would be applicable when the project proceeded 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.

COMMENTS

WORDPRESS: 5
  • comment-avatar

    With a government that is still packed with grand-masters of corruption & collusion the it can only be day dreaming for anyone to talk of moving forward together with honesty & integrity. Is there any integrity & honesty in looting, grabbing, corruption, stealing, etc?

  • comment-avatar

    Any oil proceeds will be stolen by Zanu pf, just like the diamonds.

  • comment-avatar
    Morty Smith 2 years ago

    Not so easy. Modern oil companies know how to tie corrupt politicians in knots that can never be untied.

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    mazano rewayi 2 years ago

    Sounds a bit like school children agreeing how to share the $10 they are still to pick!!!! Chinhoyi Diesel II, this one. Why not just work on the Lupane gas deposits that are already proven?

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    Fallenz 2 years ago

    Agree.  In a “production-sharing agreement with the government”, how much of the proceeds do you think will be used to repair the ZANU-destroyed infrastructure and economy?  Only more new high-end vehicles for party elites.  Book it.
    (I hate it when i’m right and prove i’m smarter than all those in power with all their supposed degrees and credentials.  Fact is, the only real credentials they have are the guns.)