President Emmerson Mnangagwa has officially announced oil and gas deposits discovery in Muzarabani, Mashonaland Central province, in Zimbabwe.
The preliminary study was carried out by the Australian company Invictus Energy Limited. The mineral-rich country currently has no oil or gas production. President Mnangagwa said the findings by Invictus are an exciting development for the country. Invictus has committed itself to enter a production-sharing agreement will the government of Zimbabwe, which will be applicable when the project proceeds to commercial production stage. Research carried out on the possibilities of oil shows that hydrocarbon deposits occur in sedimentary geological features less than 300 million years old.
Zimbabwe has three areas holding sedimentary geological features that fit the profile. Oil discovery is important for this country. Minerals, gold, and agriculture are the main foreign exports of Zimbabwe. Tourism also plays a key role in its economy but has been failing in recent years. Zimbabwe is experiencing its worst economic crisis in a decade. The economy declined from 2000. From 1999–2009, Zimbabwe saw the lowest ever economic growth with an annual GDP decrease of 6.1%. y 2005, the purchasing power of the average Zimbabwean had dropped. Zimbabwe is rich in platinum and diamonds but little of that wealth has trickled down to ordinary Zimbabweans. „The [new] resources could potentially provide the country with a significant new revenue base and create thousands of direct and indirect jobs, be utilized as feedstock for gas-fired power turbines and bring about a solution to the perennial power shortages as well as provide energy security for the country,” an expert from Investec Energy Resources appreciated.