top of page
Moving People

News

Zimbabwe: Govt Pins Hope On Oil Findings

  • the herald
  • Jun 5, 2019
  • 2 min read

Zimbabwe may start producing its own diesel and petrol within the next 10 years following encouraging exploration findings by Australian company, Invictus Energy, in the Muzarabani area, a Cabinet minister has said.

Discovery of oil, which appears highly likely as evidenced by the results of extensive evaluation of existing and new data using latest technology, will be a major breakthrough for a resource dependent economy facing acute fuel shortage amid crunch foreign currency shortages.

African countries that produce oil frequently run financial surplus on their national budgets while those that import have to pay substantial amounts for oil imports.

The African Development Bank says high oil prices can negatively affect economic growth by constraining key sectors such as agriculture and manufacturing.

Mines and Mining Development Minister Winston Chitando told a Chamber of Mines conference in Victoria Falls last week that Zimbabwe was headed in the right direction regarding exploration for petroleum oil.

This comes as Government has set the target of growing the country's mining sector into a US$12 billion industry by 2023, which forms part of broad interventions towards achieving the Government's vision, espoused by President Mnangagwa, of transforming Zimbabwe into an upper middle-income economy by 2030.

"The US$12 billion (target) does not include the oil. It is a quoted company (doing exploration), so I will not divulge much, suffice to say Zimbabwe is headed in the correct path in terms of having an oil industry.

"Zimbabwe is headed in the correct path in ensuring that by 2030, we have our own diesel, oil being produced from the resources we have," the Minister said to wild applause.

Zimbabwe needs to import all petroleum requirements although pads out petrol with ethanol produced from home-grown sugar cane. Petroleum fuels are the country's largest single import and besides condensate the find includes natural gas that can generate electricity


Comments


construction-image1.jpg

Subscribe and keep up to date with all the latest news from Oakmark

Subtle Shapes Transparent
WEST AFRICA'S NO.1 ECONOMIC AGENTS

Oakmark Global Vision provides a bespoke business package to established corporate bodies, investors, and entrepreneurs who desire to enter the West & Pan African market. Find out more >

© 2025 Oakmark Global Vision Ltd - All Rights Reserved.

UK Company No. 07634879 / Nigeria Company No. RC 1288232

Regional Office

International Office

1 Kandi Close, Off Aminu Kano

Crescent, Wuse 2, Abuja F.C.T

Nigeria 

+234 -(0)- 929 207 02

+234 (0) 704 497 6500

info@oakmarkglobalvision.com

King Court, 17 School Road

Hall Green, Birmingham

United Kingdom  B28, 8JG

+44 (0) 121 244 1814

+44 (0) 746 625 2505

info@oakmarkglobalvision.com

 Oakmark Global Vision Limited

bottom of page