Invictus Energy Ltd, an independent oil and gas exploration company focusing on high-impact energy resources in sub-Saharan Africa with headquarters in Perth, Australia, started field operations at the Muzarabani oil and gas project in preparation for the drilling of two test wells later next year.
This follows the acceptance of the company's environmental management plan, the easing of restrictions on Covid-19, and the completion of the final cultural ceremonies in the districts of Muzarabani and Mbire.
In a press release, the company clarified that the programme will include information such as topography, existing access routes, drainage, vegetation cover, soil types, rock exposures, sampling of any natural oil and gas seeps, development areas (construction and cultivation) and any places of cultural, religious or historical significance.
Effective discovery of oil or gas in Muzarabani would represent a humongous achievement for the Southern African region, often plagued by budget deficits and resource constraints to finance growth and key infrastructure projects.
If oil or gas is found in Muzarabani, the Government of Zimbabwe will have a share of the production, typically between 50% and 70% of the overall output or proceeds, until the investor has recovered his investment.
Apart from exports and the immense potential for job creation of the industry, the Muzarabani oil and gas project will also bring a cocktail of downstream benefits in the form of new manufacturing, the growth of energy protection infrastructure.
Invictus Energy reported that negotiations with multiple farm-out parties are underway on the drilling process for the Cabora Bassa (Muzarabani) project, which has passed a technical review/assessment and is currently undergoing commercial evaluation, above ground due diligence, and comprehensive forward costing of the programme (including drilling costs).