The discovery was made by Australian company Invictus Enwergy during prospection work in the region of Muzarabani, province of Central Machonaland bordering with Mozambique.
In his statements broadcas by all local news media, the president indicated that reserves extend in an área of some 200 kilometers which his government allowed Invictus to explore.
The work of the Australian firm started in recent months, based on previous geophysical studies carriwed out in the 90s of last century by the company Mobil Oil.
President Mnangaga said that if everything is agreed according to planned, by the middle of 2020 will start exploitation of crude, a good news for this country that faces at present a lack of fuels.
These results are a thrilling development, said Mnangagwa, who advanced that Invictus committed to signing a shared agreement with the Government for the moment in which the project enters its commercial production stage.
For his part, the Minister of Development of Mines and Mining, Winston Chitando, offered technical details linked to the discovery and repeated that the preliminary work of Mobil Oil, included geophysical and aero-magnetic studies.
It is important to stress that Invictus managed to greatly exceed the preliminary study, as recent discoveries of oil and gas in Kenya and Uganda have increased knowledge base for extraction because there are more advanced techniques for analyzing both resources the Muzarabani region has, added Chitando.
Although drilling could take some two months, most of the work is done in previous planning and additional geophysical tasks, said the Minister, who asserted the exact place will dependo n the investigation carried out and that planned in the coming months.
Invictus Energy Ltd is an independent company specialized in exploring oil and gas in Subsaharian Africa.