Australia’s Invictus Energy confident of viable oil and gas deposits in Zimbabwe
The energy company says it has data from Mobil Oil’s exploration done 25 years ago
Harare — Australian Stock Exchange listed Invictus Energy says it has confirmed existence of viable oil and gas reserves in the Cabora Bassa Basin in northern Zimbabwe. President Emmerson Mnangagwa gave the thumbs up to the investment, saying his government will work with the company to exploit the resources. According to Invictus, the area in rural Muzarabani, on the border with Mozambique, is one of the largest under-explored interior rift basins in Africa. Addressing journalists at a news conference in Harare on Thursday, Mnangagwa said: “As part of its exploration studies, Invictus has engaged a number of worldwide professional companies with extensive experience in oil and gas. We have since been advised by Invictus that the findings are positive and point to oil and gas deposits in the area.” With other investors having been frustrated by the country’s policy uncertainties and other bureaucracies, Mnangagwa said his administration will enter into a production-sharing agreement...
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