BusinessFeaturesNewsTechnology

Invictus Energy Drills Its First Exploration Well In Zimbabwe

Rig In Place, As Australian Oil And Gas Company Begins Drilling Gas Project In Zimbabwe By Offshoretechnology.com and Ihsmarkit.com Australian-listed upstream oil and gas company Invictus Energy has started drilling its first exploration well in the northern regions of Zimbabwe in partnership with the government. The first well, Mukuyu-1, is 3.5km deep and would cost $16m, according to Paul Chimbodza, managing director of the Australian company’s local subsidiary Geo Associates. Zimbabwe’s President, Emmerson Mnangagwa, has stated that government is excited about the potential discovery of oil and gas in Zimbabwe because it will improve its power supply and economy. He said the untapped oil and gas deposits could present “competitive investment opportunities”. In 2016, Zimbabwe exported $19,400 worth of petroleum gas and imported $33.2m in 2020, primarily from South Africa ($25.7m), highlighting its reliance on foreign gas. (adsbygoogle = window.adsbygoogle || ).push({}); Invictus has been prospecting for oil and gas deposits in the Cabora Bassa and Zambezi basins for the past four years. According to Chimbodza, the drilling phase will determine resource availability and deposit quality.

Get unlimited access to all our premium content

Plans starting at $1/month. Cancel anytime.

What's your reaction?

Related Posts

1 of 173

Leave A Reply

Please Login to Comment.

Open chat
Scan the code
Subscribe To The Sunday Express E-edition And Connect With The Most Innovative African Online News media Today. See News Differently For Only R49 Or $4 Every Month, And You Get All Four. Text (27) 83 476 7918