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Drilling to begin next year in Muzarabani

by Bloomberg
09 Jul 2019 at 07:22hrs | Views
ONE Gas Resources, the exploration partner of Invictus Energy Ltd in Zimbabwe's Muzarabani district, expects drilling to begin in the second half of next year, targeting an estimated 1.3 billion barrels of oil equivalent and about 9.25 trillion cubic feet of gas.

"The planned well will cost anywhere between $15 million and $20 million and we will probably drill to a maximum of 3.5 kilometres," One Gas executive chairman, Mr Paul Chimbodza, said by email.

The Muzarabani prospect could be "almost at par" with Total SA's offshore Brulpadda oil discovery in South Africa and Exxon Mobil Corp.'s gas project off Cyprus, he said.

One Gas holds a 20 percent stake in the Muzarabani venture, with the balance owned by Invictus.

While the potential oil and gas deposits in the north of Zimbabwe could be a boost for the Government of President Mnangagwa, they are close to Mana Pools National Park - a World Heritage Site - and the Zambezi River, potentially sparking objections from environmental groups.

Source - Bloomberg