Australian listed oil and gas exploration firm Invictus Energy has announced that it plans to start drilling at the Mukuyu-1 prospect in Zimbabwe as early as September this year.
Expected to hold approximately 20 trillion cubic feet (tcf) of gas and 845 million barrels of oil, the project represents one of the biggest onshore exploration campaigns in Africa. Joe Mtizwa, Vice Chairman of Invictus Energy emphasized that the discovery of oil and gas would be significant for the country and a much-needed boost for the economy.
With the campaign, Mtizwa explained that Zimbabwe stands to receive as much as 60% of the project’s output under a production agreement, which is currently still being finalized. “If we’re successful, this project will be transformational, a gamechanger for Zimbabwe.”
Representing part of the Cabora Bassa project located in northern Zimbabwe, drilling for Mukuyu-1 will be conducted by European onshore drilling contractor, Exalo Drilling, with the company’s drilling equipment having already arrived on site. The wells will be dug to a depth of approximately 3.5 to 4km.
“We hope to spud by the end of the month or the first week of September,” stated Paul Chimbodza, Chairman of One Gas Resources – Invictus Energy’s exploration partner.
The potential onshore find will be key for the southern African region as Zimbabwe and neighboring countries tackle supply chain disruptions, price volatility and rising demand for oil and gas. Invictus Energy’s drive to drill emphasizes the company’s commitment to bringing new resources on the regional market.
Invictus Energy’s exploration campaign comes nearly three decades after US-based Exxon Mobil Corp mothballed its own campaign in the region, with the company focusing on oil exploration rather than gas. However, for Invictus Energy, the region offers higher potential for gas, owing to nearly 100 tcf discovered in neighboring Mozambique.
