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Breaking: Zimbabwe ‘discovers oil’… in the Cahora Bassa basin – WATCH
6:34 CAT | 01 Nov 2018
Photo: BBC
Zimbabwe President Emmerson Mnangagwa has announced the discovery of oil in Muzarabani in the north of the country, the ministry of information has tweeted.
The president said that the oil exploration project is in partnership with Australian energy company Invictus:
Today President @edmnangagwa held a press conference were he announced the discovery of oil and gas deposits in Muzarabani by Invictus Energy. He said the company will realise its plans to sink an exploration well by mid 2020 #TSP #Vision2030 pic.twitter.com/uwvEl1M3ff
— Ministry of Information, Publicity & Broadcasting (@InfoMinZW) November 1, 2018
The statement from the president says that these are still early days and an exploration well will be sunk in 2020 and only after that will commercial drilling be considered.
He says that the findings of the Australian energy company Invictus are “positive and point to oil and gas deposits in the area”.
We have known about the potential for oil discoveries in the Cabora Bassa Basin for some time, says Matthew Davies from BBC Business.
But he cautions that, rather than the oil itself, what has been found are strong indicators that there is oil.
Now the hard work begins and an exploration well will only come in 2020.
You can watch what the president had to say here:
Source: BBC / Zimbabwe Ministry of Information Publicity
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