Petrochemicals group Sasol has found oil in wells off Mozambique and aims to bring the fossil fuel to production for the first time in the southern African nation, one of its joint chief executives said, according to Reuters.

Mozambique has some 85tcf of gas reserves, enough to supply Germany, Britain, France and Italy for nearly two decades. It is likely to take at least five years after final investment decisions before gas production begins.

Oil production will raise the hydrocarbon profile of Mozambique, an impoverished nation in the throes of a financial and debt crisis which has vast untapped offshore gas reserves and inland coal deposits. “This will be the first oil wells in Mozambique that go to full development. Probably in two, maximum three years”, said Stephen Cornell.

In May 2016 , Sasol said that it started drilling of the first well under its Production Sharing Agreement (PSA) license in Inhambane province in Mozambique. Back then the first phase of the PSA Development ,which includes the drilling of 13 production wells was anticipated to cost around $1.4b, Oil Price stated.