President Emmerson Dambudzo Mnangagwa has made an announcement on the presence of oil and gas in Mzarabani during a press conference in Harare today.
Invictus, an Australian company, engaged worldwide professional companies with extensive experience in oil and gas in the exploration of the fossil fuel in the Mzarabani area according to the Zimbabwean leader.
“We have since been advised by Invictus that the findings are positive to the point of oil and gas deposits in this area,” the President said.
“The government of Zimbabwe will work very closely with Invictus to ensure that Invictus realizes its plans to sink an exploration well by mid-2020.”
President Mnangagwa said that commercial exploitation of the resource stage will come after the exploration well.
“In the interim additional geophysical work is ongoing to identify further exploration targets,” the Zimbabwean leader said.
“Updates will be given as and when the planned exploration work results come in.”
“The results as communicated by Invictus is an exciting development for our country.”
Minister of Mines and Mining Development, Winston Chitando said the Mzarabani target is about 200 square kilometers making the largest undrilled onshore resource in Africa.
“Invictus has committed itself to enter a production sharing agreement with the government of Zimbabwe which will be applicable when the project proceeds to commercial production stage,” President Mnangagwa said.
