Zim could be sitting on 5,5 billion barrels of oil – Invictus

Nqobile Bhebhe, Senior Business Reporter

INVICTUS Energy, which is exploring for oil and gas in the north of Zimbabwe, has indicated that the country could be sitting on more than 5,5 billion barrels of oil.

A barrel of oil equivalent (boe) is a term used to summarise the amount of energy that is equivalent to the amount of energy found in a barrel of crude oil.

Last week, the Australia-headquartered firm began drilling for commercial quantities of oil and gas at the Cabora Bassa Basin in Muzarabani.

It said the project is one of the largest oil and gas exploration prospects to be drilled globally this year and if successful, could be transformative for the company and Zimbabwe.

In an update yesterday (Thursday), Invictus Energy said it has received an updated Independent Technical Report from ERCE estimating substantial additional resource potential at Cabora Bassa, in the Basin Margin Area of the recently assigned Exclusive Prospecting Order 1849.

Invictus Energy managing director, Mr Scot McMillan, said the material prospective resource estimate for the five-drill ready Basin Margin prospects confirms the high potential and quality of our acreage and prospect and lead inventory.

“Prior to the acquisition of the CB21 Seismic Survey we recognised the potential for the Basin Margin to evolve into a substantial play due to the structural similarities we observed with the East Africa Rift ‘String of Pearls’ play.

“Invictus has built and matured a high quality and material portfolio of prospects and leads from a conceptual play initially identified on sparse vintage data to multiple drill ready prospects with 1.2 billion barrels of potential.

“Our basin master position encompassing the entire conventional oil and gas play fairway, multiple play types to target and over 5.5 billion boe potential provides us with substantial running room,” he said.

Mr Macmillan added that subject to making an opening discovery with either Mukuyu-1 or Baobab-1, it could potentially provide the firm with future discoveries on a large scale within the basin.

Commercial discovery of oil or gas by Invictus Energy is expected to go a long way in making Zimbabwe, a net importer of petroleum, which also faces acute shortage of power, energy self-sufficient.