We have discovered oil, gas deposits in north: Zimbabwe President

Mnangagwa government was looking forward to the exploratory stage in mid-2020 and the subsequent commercial exploitation of the resource.

In a press conference on Thursday, Zimbabwean President Emmerson Mnangagwa disclosed the discovery of oil and gas deposits in the northern town of Muzarabani.

The discovery is made by an Australian firm, Invictus Energy, he revealed adding that the company will be able to sink an exploration well by the middle of 2020.

"Invictus is utilizing 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," a statement from the presidency 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," the statement added.

Mnangagwa government was looking forward to the exploratory stage in mid-2020 and the subsequent commercial exploitation of the resource. Further studies in targeted areas are ongoing, the statement added.

The country will enter a production sharing agreement with the company soon as the project proceeds to the commercial stage, the statement concluded.

Notable if the fact that Zimbabwe is mineral-rich country boasting of gold, diamond, coal, iron ore, copper, and platinum group metals.