Zimbabwe president says study points to oil in country

Zimbabwe's President Emmerson Mnangagwa said on Thursday that an Australian firm would explore for oil and gas in the nation after a study indicated deposits.

Invictus Energy has in recent months reworked survey data generated in the early 1990s by US oil giant ExxonMobil, previously known as Mobil.

"We have been advised by Invictus that the findings are positive and point to oil and gas deposits in" the country's northern Muzarabani district, Mnangagwa told journalists in the capital.

Australian-listed Invictus, which plans to invest $20m into the project, has agreed to a production-sharing agreement with the government, he added.

The company plans to sink its first exploration well in the next two years in the district, which is situated 240km north of the capital Harare, said Mnangagwa.

Invictus was expected to release a statement later on Thursday.

Zimbabwe currently has no oil or gas production.

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