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Nqobile Bhebhe, Online Reporter

GOVERNMENT has hailed as a positive development the discovery of oil and gas in quantities that indicate the commercial viability of the project that Australian investor, Invictus Energy, is exploring in Muzarabani.

In an update on Monday, Invictus confirmed the presence of light oil, gas-condensate, and helium gas in commercial concentrations from its Mukuyu-1 mud gas compositional analysis.

It noted that the results of the analysed samples demonstrate a consistent, high-quality natural gas composition, adding that the presence of helium gas in commercial concentrations in multiple reservoir units is comparable with global helium producing fields, and provides an additional high-value by product.

Yesterday, Minister of Mines and Mining Development, Wiston Chitando briefed Cabinet on the progress made by Invictus on the Muzarabani Oil Project.

In a post-Cabinet briefing in Harare, Information, Publicity and Broadcasting Services Minister, Senator Monica Mutsvangwa described the development as positive and in line with the Government economic aspirations.

“Invictus has received results of laboratory test work on the first well, Mukuyu 1 drilled in the Muzarabani area. These results indicate the presence of born oil and gas in quantities, which indicate commercial viability of the project.

“Plans are well ahead for the drilling of the second well in Murazabani in the third quarter of this year.

“Cabinet wishes to inform the nation that this positive development bodes well for the development of the nation towards the attainment of Vision 2030,” said the minister.

Last year, Invictus Energy indicated that the country could be sitting on more than 5,5 billion barrels of oil.

A barrel of oil equivalent (boe) is a term used to summarise the amount of energy that is equivalent to the amount of energy found in a barrel of crude oil.

It said the project is one of the largest oil and gas exploration prospects to be drilled globally this year and if successful, could be transformative for the company and Zimbabwe.