Petroleum Africa
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Monday, November 5, 2018
Australian-listed Invictus Energy denied reports of an oil discovery in Zimbabwe where it had been exploring. Zimbabwean president, Emmerson Mnangagwa, had told reporters that Invictus had found oil and gas deposits in the Muzarabani area of northern Zimbabwe and had agreed to enter a PSA with Zimbabwe once the project reached commercial production.
The company however said that deposits were not yet discovered but there were indications of a “working petroleum system” which could only be confirmed by a planned exploration well.
“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 CaboraBassa Basin possesses all the elements for a working petroleum system, a discovery can only be confirmed through drilling of an exploration well.”
Mines Minister Winston Chitando said the well would be drilled in 2020 at a cost of $20 million and said the Muzarabani project was the largest undrilled onshore resource in Africa.
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