Caroline MoyoHarare – Exciting oil sector data was spotlighted this week as an Australian firm exploring in northeastern Zimbabwe said preliminary results indicated the country could have Africa’s largest onshore oil reserves. Invictus Energy, listed on the Australian Stock Exchange, has been exploring for oil and gas in the Zambezi Basin since 2015. The exploration licence for the second period runs to August 2023. “The company will undertake a comprehensive work programme for the second three-year exploration period including the commitment to drill a minimum of one exploration well. The company received approval of its application to renew the investment licence from the Zimbabwe Investment and Development Authority for a period of five years,” it said.

Source: The North Africa Journal March 26, 2021 11:27 UTC