Business Reporter – Wednesday 30 January 2019
NEWS – (Mining Index) – THE Muzarabani crude oil project, if successful, will potentially fuel Zimbabwe for two decades.
According to Invictus Energy Managing Director, Scott Macmillan, oil reserves discovered in Muzarabani can supply Zimbabwe with crude oil for up to 20 years.
In estimates conducted by Netherland, Sewell and Associates Inc, the project has the capacity to produce 3,9 trillion cubic feet (tcf) of gas and 181 million barrels of conventional gas.
Zimbabwe is consuming four million litres of diesel with three million litres of petrol being pumped every week, gobbling US$100 million a month of foreign currency in fuel imports.
“Zimbabwe is consuming US$100 million a month in fuel imports. Mzarabani target (upper Angwa condensate alone) if successful could provide Zimbabwe with crude supply for 20 years. This excludes the 3.9 Tcf natural gas value,” said Macmillan.
Macmillan said Zimbabwe will derive benefits from oil and gas value addition which will result in job creation.
“Local beneficiation such as refineries and other downstream industries would create thousands of jobs and generate foreign currency. Zimbabwe could be a regional supplier of refined products and natural gas and satisfy local demand as well,” he said.
In a quarterly activities report released early this week, Invictus highlighted significant progress in the Cabora Bassa Project work programme for the quarter ending 31 December 2018.
First confirmed in September 2018, Invictus has made significant strides with early results from reprocessing of the 2D seismic data transcribed from the field tapes located at the Zimbabwe Geological Survey in Harare.
Invictus Energy is an independent oil and gas exploration company focused on high impact energy resources in sub-Saharan Africa, with an asset portfolio consisting of a highly prospective portion of the Cabora Bassa Basin in Zimbabwe, one of the largest under-explored interior rift basins in Africa. ENDS//