Invictus Energy has announced the commencement of drilling works on one of two exploration wells for oil and gas in the northern part of Zimbabwe.
Situated in the Muzarabani-Mbire area, the 3.5-km deep well dubbed Mukuyu-1, is part of the Cabora Bassa project in Zimbabwe, which is 80% owned and operated by Invictus through its interest in Geo Associates.
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Power generation
According to the Australian-listed firm works will last between 50 and 60 days and will cost US $15M. It is one of the largest oil and gas exploration prospects to be drilled globally in 2022, estimated at 20-trillion cubic feet and 845-million barrels of conventional gas condensate, or about 4.3-billion barrels of oil equivalent.
Upon completion, Baobab-1, will follow suit. This will be 1.5 km deep well, and works will take 30-40 days. Invictus has been prospecting for oil and gas deposits for the past four years in the Cabora Bassa and Zambezi basins. Last month, the company raised additional $17-million to fund the drilling of the exploration wells through private placement.
“The benefits I think will be great. We are having a power deficit in this country so if we are able to do a short-term gas-to-power project, there will be an immediate benefit in terms of power generation, it will be the start of a very big industry. We will drill a lot more wells, there will be opportunities for Zimbabweans”, commented Barry Meikle, Invictus Country Manager.
