https://www.miningweekly.com
Africa|Energy|Exploration|Gas|Oil And Gas|Oil-and-gas|Petroleum|PROJECT|System|Drilling
Africa|Energy|Exploration|Gas|Oil And Gas|Oil-and-gas|Petroleum|PROJECT|System|Drilling
africa|energy|exploration|gas|oil-and-gas|oilandgas|petroleum|project|system|drilling

Australia's Invictus says it has not found oil and gas deposits in Zimbabwe

2nd November 2018

By: Reuters

  

Font size: - +

Australian-listed Invictus Energy said on Friday it had not found oil and gas deposits in northern Zimbabwe but there were indications of a "working petroleum system" which could only be confirmed by a planned exploration well.

President Emmerson Mnangagwa told reporters on Thursday that Invictus had found oil and gas deposits in the Muzarabani area and had agreed to enter a production sharing arrangement with Zimbabwe once the project reached commercial production.

But in a statement to the Australian Stock Exchange, Invictus tampered Zimbabwe's expectations of an oil bonanza saying "an oil or gas discovery has not been made."

"The prospective resource estimate for the Muzarabani prospect relates to undiscovered accumulations which have both a risk of discovery and a risk of development," said Invictus.

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

Zimbabwean-born Invictus MD Scott MacMillan attended Mnangagwa's news conference on Thursday.

Mines Minister Winston Chitando said the well would be sunk in 2020 at a cost of $20-million and said the Muzarabani project was the largest undrilled onshore resource in Africa.

Invictus, which is an independent oil and gas exploration firm whose only asset is in Zimbabwe, is using data first generated by Mobil Oil during its studies in the 1990s.

Chitando said Invictus had made more progress than Mobil because it had a better knowledge of the Muzarabani basin which had a similar geological structure to Uganda and Kenya, where oil has been discovered.

The southern African nation is suffering from a dollar crunch that has seen shortages of fuel and a spike in prices of basic goods in recent weeks.

Edited by Reuters

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.132 0.169s - 109pq - 2rq
Subscribe Now