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In a significant development, the Australian oil company Invictus Energy was reported to have discovered hydrocarbon deposits in the north of Zimbabwe
In a significant development, the Australian oil company Invictus Energy was reported to have discovered hydrocarbon deposits in the north of Zimbabwe. The sample, which was analysed by experts, confirmed the presence of petroleum, helium, and “high quality” natural gas, according to a statement issued by the company recently.
Earlier, the American oil giant ExxonMobil carried out a study in the same area in the 1990s. But it was abandoned, due to the non – feasibility of commercially exploiting the oil from the area. Invictus Energy has reassessed the data on this site, located 240 kilometers north of the capital Harare.
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Invictus Energy signed an agreement in 2018 with Zimbabwe that provides for production sharing with the government. The southern African country suffers massive power cuts of up to 19 hours a day.
