ZIMBABWE is intensifying the oil and gas search after the arrival of equipment in the Muzarabani area. The equipment arrived into the country last month and was being serviced before the beginning of the exploration exercise.
In an update, Australian Stock Exchange listed firm, Invictus Energy, revealed progress about the continuous process to discover oil and gas. The firm’s country director, Mr Brent Barber gave an overview of how the arrival of the equipment will set tone for exploration.
The equipment arrived and we are hopeful it will go a long way in the discovery of the oil and gas, It (the equipment) actually arrived over the weekend,” he said.
Mr. Barber also highlighted the impact of the project to the community.
If it becomes a reality there are huge spin offs to be accrued such that the process will also have positive returns to the entire community,” he added.
The Australian based firm has also re-affirmed commitment to the success of the project. Seismic study in oil and gas exploration refers to the process of technology to listen to underground sound vibrations in order to determine the existence of hydro-carbons.
Ongoing investigations of potential existence of oil or gas in Zimbabwe’s Cahora Bassa region (Muzarabani area), represent the first such excursion for hydrocarbons in over 30 years. Invictus, using more modern data processing techniques, reprocessed the data gathered by French oil giant Mobil in the early 1990s, and has found strong evidence that the underlying geological structures may host domes and traps that could contain oil and gas in Muzarabani.
As part of the building blocks for Vision 2030, by which Zimbabwe should have attained upper middle income economy status, the Government is working on growing mineral exports from US$3,7 billion to US$12 billion a year by 2023. The successful delivery of the equipment to be used in the company’s seismic survey, followed the approval by President Mnangagwa of the firm’s Petroleum Exploration Development and Production Agreement (PEDPA).
The PEDPA provides the framework for progression of the Muzarabani project through the exploration, appraisal, development and production phases and obligations and rights of each party over the project lifecycle. President Mnangagwa said the PEDPA agreement would provide a pathway for Zimbabwe to exploit its hydro carbons while commercial discovery of oil and gas could bring significant downstream economic benefits.
The Cabora Bassa Project encompasses the Mzarabani Prospect, a multi-trillion cubic feet and liquids rich conventional gas condensate target, which is potentially the largest, undrilled seismically defined structure onshore Africa. – ZBC