ASX-listed Invictus Energy confirmed in a statement on Monday that the Muzarabani oil project has the potential to produce 3,9 trillion cubic feet (tcf) of natural gas and 181 million barrels of conventional gas.
If successful, the project’s 3,9 tcf of natural gas will supply Zimbabwe with 500MW of power for 40 years, while 181 million barrels of conventional gas can give the country enough fuel for the next 20 years at current consumption levels of 25 000 barrels per day.
Invictus cautioned that the quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations.
“These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons,” MD Scott Macmillan said.
Last week Invictus brushed off a statement by Zimbabwean president, Emmerson Mnangagwa claiming that it had found oil and gas. In a recent statement, the energy company said that while it has not discovered oil and gas, it is still in the process of exploring the country.