GOVERNMENT is excited by the encouraging prospects of potential discovery of oil and gas in the Muzarabani area, as this will make the country energy self-sufficient, create employment, grow the economy and bring huge downstream benefits,
He also said
"The project will undoubtedly impact the GDP of
The President, who was the guest of honour, was speaking during the signing of the petroleum exploration development and production agreement (PEDPA) between the Government and Australian oil and gas exploration firm,
The PEDPA provides the framework for accelerated development of the Muzarabani oil and gas initiative while also detailing roles and obligations of each party throughout the project lifecycle.
"The signing of the (PEDPA) agreement represents major strides in our efforts to tap into our oil and gas deposits, which is a new territory in the country's mining sector.
"The untapped oil and gas deposits present huge, unique and competitive investment opportunities, given that the industry has various potential downstream linkages," said the President.
Apart from the potential for energy self-sufficiency,
"This event shows the positive and tangible strides that my administration is making with regards to the ease and cost of doing business reforms.
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The company says it will sink between
"I exhort all stakeholders to position themselves for the value chain benefits, new investments and technologies that will accrue from the exploration of oil and gas in our country," he said.
However, he implored Invictus to protect the environment in its operations.
Vice President Constantino Chiwenga said the signing of the PEDPA demonstrated that some companies in the international business community had recognised that
"The signing of this agreement will help ensure that the mining sector continues to contribute to the economic development of the country, with the oil and gas sub-sector expected to contribute immensely towards the country's vision of achieving an empowered and prosperous upper middle class society by 2030," he said.
"This signing ceremony is testimony of the New Dispensation's commitment to transforming the livelihoods of Zimbabweans. The mining sector is one of the building blocks upon which Vision 2030 is premised.
"As we implement the National Development Strategy 1, we welcome such partnerships, not only in the mining sub-sector, but across all sectors of the economy. The exploration and development of oil and gas resources is a game-changer in making the
VP Chiwenga said Government continues to prioritise increased production and productivity across all sectors of the economy.
Mines and Mining Development Minister
Reprocessed Data gathered by global oil giant, Mobil in the early 1990s, has shown encouraging evidence of the potential existence of oil and gas in Muzarabani.
He said his ministry was making efforts to fulfil the target set by
Added Minister Chitando: "The area in question is 100 000 hectares of land and one of the early engagements we had, as the
"Should these (oil/gas test) wells be successful, as we hope,
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