Zimbabwe: discovery of a hydrocarbon deposit

The Australian oil company Invictus Energy announced Monday the discovery of a hydrocarbon deposit in the north of Zimbabwe, a country which suffers from massive energy cuts.

Analysis of the samples confirms the presence of petroleum, helium and "high quality" natural gas, the company said.

The Australian company has reassessed the data from a study carried out in the 1990s by the American oil giant ExxonMobil (ex-Mobil) which had abandoned its project on this site located 240 kilometers north of the capital Harare.

Invictus Energy signed an agreement in 2018 with Zimbabwe that provides for production sharing with the government as the country suffers massive power cuts of up to 19 hours a day.