Australia Downplays Discovery of Oil Deposits in Zimbabwe

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One day after Zimbabwean officials announced that oil had been found in the country’s north, the Australian company exploring for the oil said that wasn’t so. Invictus Energy says there are “positive indications” of oil, but no one can know for sure until a well is drilled.

Australia-based Invictus on Friday downplayed claims by President Emmerson Mnangagwa that the company had discovered oil and natural gas deposits about 200 kilometers north of Harare.

In a statement, the company said its exploration has turned up some encouraging results but emphasized that no discoveries have been made.

Mnangagwa had said Thursday that he had been advised by Invictus that the explorations of oil and gas deposits were “positive and point to gas and oil deposits.”

His Mines and Mining Development Minister Winston Chitando added:

“On exploitation, the oil will be refined into fuel; both diesel and gas. The gas can be used for power generation and for conversion into fuel. The Muzarabani target is about 200 square kilometers, which makes it the largest undrilled onshore resource in Africa. The next stage is to drill an exploration well at a cost of about $20 million.”

On Friday, the president was more cautious in his statement.

“We are poised for economic, industrial and technological boom,” Mnangagwa said. “Only yesterday I announced possible presence of oil and gas deposits in Zimbabwe.”