Zimbabwe’s President Emmerson Mnangagwa said on Thursday that
Australia’s Invictus Energy had found oil and gas deposits in the
northern Muzarabani area of the country.
Invictus
Energy has agreed to enter a production sharing arrangement with
Zimbabwe once the project reaches commercial production, Mnangagwa said.
“Government
of Zimbabwe will work very closely with Invictus to ensure that
Invictus realises its plans to sink an exploration well by mid 2020,”
Mnangagwa told reporters.
Mines Minister Winston Chitando said the well would be sunk at a cost of $20 million.
Mobil
Oil was the first company to undertake oil and gas studies in
Muzarabani in the early 1990s but abandoned the work. Invictus is using
the data first generated by Mobil.
Australian-listed
Invictus is an independent oil and gas exploration company whose only
asset is in Zimbabwe, according to information on its website.
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