Invictus Energy has in recent months reassessed survey data generated in the early 1990s by US oil giant ExxonMobil, previously known as Mobil.

“We have been advised by Invictus that the findings are positive and point to oil and gas fields” in the country's Muzarabani district in the north, Mnangagwa told journalists in the capital.

Australian-listed Invictus, which plans to invest $20 million into the project, has agreed to a production-sharing agreement with the government, he added.

The company plans to sink its first exploration well in the next two years in the district, which is situated 240 kilometres (150 miles) north of the capital Harare, said Mnangagwa.

Currently, Zimbabwe has no oil or gas production.