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.
Today at the CIPS annual conference, I urged attendees to buy local, promote domestic industry and support women, youth & SMEs. I reminded them that in the new Zimbabwe there is no place for collusion and corruption, and that we must move forward together with integrity & honesty
— President of Zimbabwe (@edmnangagwa) November 1, 2018
“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.