President Mnangagwa provided the local press with information on the oil exploration and gas exploration undertaken by Invictus, including the continued seismic interpretation and rock resource source study describing the oil potential of the Cabora Bassa basin.
Government, through Minister of Mines and Mining Development Winston Chitando said yesterday that just drilling an exploration well in Muzarabani will confirm the presence of oil and gas in the region.
A well will be explored at a cost of about $ 20 million in the middle of 2020.
In recent months, Invictus Energy has dealt with research findings from the US oil giant ExxonMobil, formerly known as Mobil, in the early 1990s. However, the company said in its statement on Friday that it intends "to conduct the first exploration in the Cabora Bassa valley".
President Emmerson Mnangagwa has just announced that oil reserves have been discovered in Zimbabwe.
While media reports interpreted the Mnangagwa statement to confirm that there were oil deposits in the country, the Australian company behind exploration, Invictus Energy, yesterday tried to reduce the demands.
Exploration is still in its early stages, but the government that receives the money is eager to increase the nation's hopes of endure a serious economic crisis. The oil fields are located in the Muzarabani area. Updates will be given as and when the programmed results of exploration work come into play.
He said that Invictus pledged to conclude an agreement on the distribution of production, the government of Zimbabwe, which would apply when the project proceeded to commercial production.
The government has committed itself to having its support.
"Estimated quantities of oil that may be recovered by applying a future development project are related to unrecovered accumulations and further investigation and assessment of the existence of a significant quantity of potentially mobile hydrocarbons may be required," he said. "Future resource estimates in this release were estimated using probabilistic methods according to the SPE-PRMS (Society of Petroleum Engineers) standards," the agency said.
"With the exploitation, oil will be refined in fuel, both oil and gas, everything will be announced that brings a smile to the people," said Saungweme.