Source: BREAKING: Invictus bullish on Muzarabani oil | The Herald November 5, 2018
The price of brent crude oil has risen sharply Business Reporter
Zimbabwe’s Muzarabani oil project has the potential to produce 3.9 trillion cubic feet (tcf) of gas and 181 million barrels of conventional gas, Australian-listed firm, Invictus Energy, confirmed this morning.An independent report completed by Netherland, Sewell and Associates, Inc. (NSAI), states the Upper Angwa target shows the country has potential for net mean recoverable conventional potential of 850 million barrels of oil equivalent, consisting of 3.9 Tcf and 181 million barrels of condensate or conventional gas.
Invictus managing director Mr Scott Macmillan commented: “In simple terms, the 3.9 Tcf of natural gas can give the country 500 megawatts of power for 40 years and the 181 million barrels of conventional gas can give us enough fuel for the next 20 years at current consumption levels of 25,000 barrels a day.”
Invictus says the size of the primary Upper Angwa target alone in Muzarabani Prospect places Zimbabwe in “giant scale field potential.”
Significant additional potential will be evaluated in post-seismic reprocessing results in the first quarter of 2019.
“This estimate excludes the additional prospective horizons above and below the Upper Angwa in the Mzarabani structure as well as further plays and leads within the SG 4571 area which have the potential to add material prospective resources to the Cabora Bassa Project,” said Macmillan.
“The high side estimate of over 2.2 billion boe gross is enormous and confirms Mzarabani as potentially the largest undrilled seismically defined structure onshore Africa,” he said.
COMMENTS
Dream on comrades – fastjet gave us cheap air fares and is now bust. Prospect has found lithium by the millions of tons and farmers have planted so much wheat there will be free bread next year.
April fools day is every day in ZW as an old comrade tells me
Wishful mentality from a day dreamer local commentators.This is an experienced international company not our local looters.
The vultures are already sharpening their beaks and the hyenas their jaws. Folks,natural resources are a curse. What we need in Africa is an inclusive and transformative economy in which all citizens are players and are rewarded accordingly – building on agriculture, manufacturing and services! Extractive economies where we simply invite big players to dig resources out of the ground and use the proceeds to build white elephants and line the pockets of the well connected cannot be development, it has never been. Which African country has genuinely developed because of its natural resources? Do I hear Botswana? No, the Batswana are not developed, just comfortable – wait till the diamonds are exhausted!!