Invictus Energy to Begin Oil and Gas Drilling in Zimbabwe

Image: IOL

Australian listed oil and gas exploration company Invictus plans to begin drilling Zimbabwe’s first oil and gas wells in the Muzarabani prospect in October next year.

The project will cost approximately $15 million, with $3.5 million already invested towards the preliminary work and processing of secondary data to date. Petroleum giant ExxonMobil had previously conducted studies in the area and the studies showed encouraging results and potential for the possible existence of oil and gas in the area.

“We have been seized, over the last few months, negotiating a production sharing agreement with the investors,” Minister of Mines and Mining Development, H.E. Winston Chitando says. “I am pleased to say that the draft is almost in place. It will go through normal channels of government protocol and we expect that it will be ready in the next couple of weeks.”

The discovery of oil and gas could lead Zimbabwe to become energy self sufficient and boost the country’s economy.