Australian Company Invictus Energy Discovers Oil, Gas and Helium in Zimbabwe

Bullion Bite

Invictus Energy, an Australian oil and gas company, announced on Monday that it has discovered light oil, gas, and helium in remote northeastern Zimbabwe. The announcement comes after months of exploration by the company in the region. According to the statement released by Invictus Energy, samples from the sites near the Mozambique border confirmed the “presence of light oil, gas condensate, and helium.” This discovery could lead to the first-ever gas production in Zimbabwe and help improve the power supply in a country that is currently facing severe electricity shortages.

Details of the Discovery

Invictus Energy signed an exploration, development, and production deal with Zimbabwe in 2018. The recent analysis of samples from the site confirmed the “presence of hydrocarbons in multiple reservoir pay zones” at one of the wells. The samples also demonstrated a consistent, high-quality natural gas composition exhibiting low inert content and containing less than one percent carbon dioxide. This discovery could be a game-changer for Zimbabwe as it could improve its energy sector and bring economic benefits to the country.

Potential Impact of the Discovery

The discovery of oil, gas, and helium in Zimbabwe is a significant development for the country. Zimbabwe is currently suffering from power outages that last up to 19 hours a day. This has affected the country's economy, leading to the closure of businesses and causing significant job losses. The find could lead to Zimbabwe's first-ever gas production, which could help improve power supply in the country and boost economic growth. Invictus Energy has also revealed that it plans to build a gas-to-power facility to supply the national grid.

President Emmerson Mnangagwa's government is entitled to as much as 60 percent of the project's output under an agreement with Invictus Energy. The site where the discovery was made is said to contain the largest undrilled structure in inshore Africa, according to the Australian Stock Exchange-listed firm. The discovery is also good news for the Australian company, which had been exploring the region for months.

#buttons=(Ok, Go it!) #days=(20)

Bullion Bite uses cookies to enhance your experience. How We Use Cookies?
Ok, Go it!