africa commodities Gas Natural Resources oil Zimbabwe

Zimbabwe thrilled with potential discovery of oil and gas deposits

Approximate reading time: 2 minutes

President Emmerson Mnangagwa announced last Thursday that oil and gas deposits had been discovered in Muzarabani, a district within the Mashonaland Central province.

A study by Australian firm, Invictus Energy revealed that  oil and gas deposits may exist within the Cabora Bass Basin however, the discovery can only be confirmed once exploration begins. In a statement released last Friday, the Australian energy firm said,

“Although the Cabora Bassa Basin possesses all the elements for a working petroleum system, a discovery can only be confirmed through drilling of an exploration well.”

“We have identified a big prospect there, that we think has potential to host oil and gas, so at this stage we have been interpreting geological physical data acquired 25 years ago.”

image: Invictus Energy


It is believed that Invictus intends to invest roughly $20million into the project, according to the Mines Minister, Winston Chitando.  In which, it plans to partner with the government to determine whether commercial drilling is possible. It is expected that the project will begin in the next two years within the Muzarabani district. In its study, Invictus utilized data acquired by Mobil Oil in the 1990s when a similar study was carried out.

“The government of Zimbabwe will work very closely with Invictus to ensure that the company realises its plans to sink an exploration well by mid-2020.” Mnangagwa said.

 

Zimbabwe has encountered fuel shortages among other issues in recent months, if it happens that the Muzarabani district possess oil and gas, the discovery can be beneficial for many people of Zimbabwe.  

Click here for the official press release

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