Zimbabwe has announced that it will start exploring oil deposits in 2020 following the discovery of huge deposits in Muzarabani area – North of the Capital Harare.
Zimbabwean President Emmerson Mnangagwa broke the news adding that the government in the last few months has worked with Invictus Energy, which is listed on the Australian Stock Exchange (ASE), to undertake oil and gas exploration studies.
Invictus is set to start drilling an exploration well by 2020, at a cost of U.S $20 million.
President Mnangagwa said the findings by the Invictus are an exciting development for the country, and also adding the government will be working closely with the firm.
Prospects of oil and gas in the Zambezi basin were discussed in the early 1950s and intensified in the late 1970s at the height of the liberation struggle although a study done in 1979 concluded there were no oil deposits.