Nevanji Munyaradzi Chiondegwa
New 2D seismic data show that the Invictus Energy explored Cabora Bassa basin has three times more potential oil and gas condensate than previously estimated.
This is according to figures released by London -based petroleum consultancy firm ERC Equipoise Limited.
ERCE, an independent and reputable independent energy consulting with a presence in 50 countries produced a new report for Invictus Energy based on new data from the Cabora Bassa 2D seismic survey.
According to the Survey, the reserve estimates are now measured at 20 trillion cubic feet (tcf) and 845 million barrels of conventional gas condensate. This puts Mukuyu conventional gas-condensate prospect as the largest undrilled prospect onshore Africa.
This also makes it an investors’ dream with estimated gross mean recoverable conventional potential having increased 2.7-fold.
The initial estimates of the basin were 8.2 tcf and 247 million barrels and are now estimated at 20 tcf and 845 million barrels, meaning an almost three-fold increase on a gross mean un-risked basis, the potential of the basin is significant.
The report does not just dwell only the potential in the Muzarabani basin but spreads to other energy and mining areas.
It speaks of the Lupane Methane bed gas explorations which attracted interest from Gazprom, the Russian energy giant.
ERCE says, “In 2015 Gazprom expressed an interest in the extraction of coal bed methane gas in another Zimbabwean region called Lupane. This means, the Southern African country has more untapped gas reserves enough to make the country a gas giant in Africa.”
According to the ERCE report, “Zimbabwe also sits on the 3rd largest reserves of Platinum in the world after South Africa and Russia. It also ranked the 6th largest miner of Lithium in the world and speculated to have very large diamond reserves.”
The report goes on to say that, “Without sanctions and alleged widespread corruption, the country has a potential to scale heights of development. Their government could do well to encourage local processing of minerals as this creates not only employment but technology and development.”
It adds, “On the Lithium front, Zimbabwe already has Battery Manufacturers Association (BMA) which represent local manufacturers. They would do well by not exporting the raw material but manufacture the batteries to order.”
It is common knowledge that Zimbabwe has vast amounts of unexplored natural resources, which the Second Republic has been trying to encourage investors with the requisite resources to look into.
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