A cabinet minister has revealed that Zimbabwe may begin to produce its own diesel and petrol within the next 10 years thanks to Invictus Energy’s exploration efforts in the Muzarabani area.

The latest advances in technology have opened up a range of opportunities in the oil sector, making its discovery a probable occurrence. This would in turn boost Zimbabwe’s economy greatly, which has so far depended on resources and recently struggled with a severe shortage of fuel.

African countries that must rely on oil imports end up paying large amounts, and this can negatively impact economic growth by restricting main sectors such as agriculture and manufacturing, the African Development Bank said.

This follows news of the government aiming towards achieving a US$12 billion mining industry in Zimbabwe by 2023.

According to Mines and Mining Development Minister Winston Chitando, Zimbabwe is on the right track with regards to the exploration of petroleum oil.

“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,” said the Minister.

“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,” he went on to add.

Minister Chitando also added that the government’s industry target was realistic considering the many planned interventions in gold, platinum, diamonds, chrome and coal, saying: “The US$12 billion industry which we are talking about is not a dream, but it’s a reality, which we are in the process of achieving.”

He revealed that by 2023, the government was working to expand gold production from 34 to 100 tonnes, platinum from 14 to 50 tonnes, transitioning coal to export product and liquid fuels and value adding chrome to stainless steel and carbons.

He also said that the government was focusing on attracting global capital into mining, and Australian firm Invictus Energy has taken great initiative with regards to providing Zimbabwe with its own diesel and petrol.

Invictus is currently working on the exploration of the Cahora Bassa basin forming part of the Muzarabani Prospect, which as Energy Mix Report states, may be the largest, undrilled seismically defined structure onshore Africa.