Start-ups

Bad news for Zimbabwe, Invictus Energy has not found Oil and Gas deposits the country was prospecting

Australia’s Invictus Energy was searching for oil and gas deposits in northern Zimbabwe. A development that had caused a lot of anxiety and anticipation for the Southern Africa country and its neighbors.

The discovery of oil and gas deposits in Zimbabwe will go a long way in addressing the biting economic challenges the country has been facing. Challenges that have been reported to be improving with the change of government leadership from the former president Robert Mugabe.

During Mugabe’s reign, the government policies rubbed particularly the Western Nations the wrong way leading to economic sanctions being placed on Zimbabwe. Though much of those sanctions have been removed as the new government regime under President Emmerson Mnangagwa seems to bring foreign companies closer.

However, as fate would have it, Invictus Energy mission failed to any oil or gas deposits. The news broke out in a statement the company sent to the Australian Stock Exchange, saying “

an oil or gas discovery has not been made” in Zimbabwe.

But earlier to that statement, President Mnangagwa told reporters in Zimbabwe that Invictus Energy had indeed found oil and gas in the Muzarabani area. He further went on to say that the government Zimbabwe had entered into a production sharing deal that once the project reaches commercial production.

Milicent Atieno

Proud Kenyan Citizen, loving everything Tech related.

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