admin
Oil and wealth go hand in hand; they are inseparables.
The world moves on oil, as such a rise or fall in its price is felt by every country, every company, and every household under the sun.
Many countries with the highest income per capita and the best development indicators are found in the Middle East, the centre of the world’s oil extraction and trade.
Some of the wealthiest people on the globe are in the oil business.
We know how wealthy the sheiks and their people are in the United Arab Emirates, Oman, Saudi Arabia, Bahrain, Qatar and the like. We know how oil anchors the economy of Norway, and that of Russia.
The resource generally occurs in the same places with natural gas, which, as a matter of fact, is oil in gaseous form.
Regions endowed with oil are frequently blessed with natural gas as well and vice versa.
It is with much delight that we welcome the continuing work by an Australian company; Invictus Energy, towards confirming the existence of oil and gas in Muzarabani, Mashonaland Central Province.
President Mnangagwa captured the collective delight of the nation when he took the extra-ordinary step to address a Press conference at his Munhumutapa Offices in Harare on Thursday on the Muzarabani hydrocarbon prospect.
“The Government of Zimbabwe has over the last few months worked with and facilitated Invictus Energy Limited which is quoted on the Australian Stock Exchange to undertake oil and gas exploration studies in Muzarabani,” he said.
“Invictus is utilising data which was generated by Mobil Oil in the 1990s when extensive oil and gas geo-physical work was undertaken in the greater Muzarabani area. As part of its exploration studies, Invictus has engaged a number of worldwide professional companies with extensive experience in oil and gas.
“We have since been advised by Invictus that the findings are positive and point to oil and gas deposits in the area. Government of Zimbabwe will work very closely with Invictus to ensure that Invictus realises its plans to sink an exploration well by mid-2020. After the exploration well, the next stage will be commercial exploitation of the resource. In the interim, additional geo-physical work is ongoing to identity further exploration targets. Updates will be given as and when the planned exploration work results come in. The result, as communicated by Invictus, is an exciting development for our country.”
Are we as a country on the threshold of something big in the next few years? Are we on the road to being as rich as the UAE, Qatar and so on; our economy floating on oil?
The answer to these questions is a resounding yes.
Yes because the probability of Invictus striking oil in Muzarabani, thus formally declaring a discovery, is immense.
Yes also because the estimated amount of the resource is huge; they say it is multi-trillion cubic feet of oil and gas.
Given that experienced oil companies typically speak most cautiously at this early stage of exploration even if they are already almost 100 percent certain about their targets, we are convinced that Muzarabani holds something special.
“With gas prices rising in tandem with the rampaging oil price, an ASX junior has bagged a dominant acreage position covering potentially the largest, seismically defined, undrilled hydrocarbon structure onshore Africa,” said nextoilrush.com, a respected oil publication.
“The company has a majority interest in 250 000 acres of highly prospective gas condensate territory in Africa’s Cabora Bassa Basin, Zimbabwe. This is the largest discovery in 40 years and the largest undrilled prospect in Africa. . . . Besides the merits of the project itself, the timing couldn’t be any better.
Zimbabwe’s new President Emmerson Mnangagwa is welcoming foreign investment, declaring that ‘Zimbabwe is open for business.’
The new Zimbabwe Government and Ministry of Mines and Mining Development has signalled its desire to attract new foreign direct investment, particularly in the resources sector.
Also working in favour of the Cabora Bassa Project is the current Southern Africa power crisis and the lack of domestic energy security.
The crisis is having a negative effect on growth in the region resulting in a huge push to adopt gas as an alternate energy source to coal.”
We are encouraged that experts are describing the Muzarabani acreage as “exciting,” “interesting” and “highly prospective.” They know what they are talking about.
Invictus need to forge ahead with the work they have been doing in the area since the beginning of the year.
Zimbabweans are firmly behind them.
They are eagerly waiting for the company to advance their activity to the stage when they drill the first exploration well in 2020 and finally, enter the production phase a few years after.
They are praying that hydrocarbons in Mashonaland Central will drive them to greater socio-economic prosperity; the sort of prosperity that has made oil-producing Middle East the envy of all.
Online Reporter