Oil and gas deposits have been found in northern Zimbabwe by Australian company Invictus Energy, Zimbabwe President Emmerson Mnangagwa says.

The president said Zimbabwe’s government has worked with Invictus Energy over the past few months to undertake exploration studies.

‘We have since been advised by Invictus that the findings are positive and point to oil and gas deposits in this area,’ he said on Thursday, referring to the district of Muzarabani.

Invictus plans to sink an exploration well by 2020 and then pursue a ‘commercial exploitation of the resource’, Mnangagwa said.

Zimbabwe is in the midst of an economic crisis, which has seen fuel queues and hard currency shortages.