Officially opening the Chamber of Mines Annual General
Meeting and Conference in Victoria Falls yesterday, the President said the
signing of a Petroleum Exploration and Development Production with
GeoAssociates Pvt Ltd signals a new chapter in the country’s mining industry.
“Earlier this year, my Government signed a Petroleum
Exploration and Development Production Agreement with GeoAssociates (Pvt) Ltd
to carry out exploration and production of oil and gas in Muzarabani,
Mashonaland Central Province.
“The signing of that agreement is a massive leap towards
tapping into the oil and gas industry, which is a new frontier in the country’s
mining history.
“This presents huge, unique and competitive investment
opportunities. These include production of liquid fuels as well as various
downstream linkages such as electricity generation, production of liquid
petroleum gas (LPG), fertilisers and use in the petro-chemical industry,” he
said
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.
Geo-Associates owns the controlling stake in Invictus
Energy, the Australia Stock Exchange-listed company that has made significant
progress in exploring for oil and gas in Muzarabani.
The company says it will sink between US$15 million and
US$30 million towards drilling of two oil and gas test wells in Muzarabani by
October. Herald
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