Zimbabwe Reports Discovery Of Oil, Gas Deposits.

Zimbabwean President Emmerson Mnangagwa said Thursday that an Australian company had discovered oil deposits on Zimbabwe’s border with Mozambique.

Economists, however, said It was far too early for the fuel-challenged country to start popping champagne corks. Mnangagwa said at an emergency press briefing that he had “important news for Zimbabwe.”

“The government of Zimbabwe has over the last few months worked with Invictus Energy Limited to undertake oil and gas,” he said.

“Invictus is utilizing data which was generated by Mobil Oil in the early 1990s, when extensive oil and gas geo work was undertaken in the great Muzarabani area. We have since been advised by Invictus that the findings are positive and point to gas and oil deposits.”

Invictus Energy is based in Perth, Australia. On its website, it describes itself as “an independent oil and gas exploration company focused on high-impact energy resources in sub-Saharan Africa.”

Zimbabwe’s Energy Minister Winston Chitando said the oil and gas deposits are in a 200-square-kilometer area and are Africa’s largest oil reserves discovered to date. He said that with proper funding, drilling and exploration would start by mid-2020.

The post Zimbabwe Reports Discovery Of Oil, Gas Deposits. appeared first on Independent Newspapers Nigeria.

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Author: Agency Report