just now

    Zimbabwe-Economy-Oil

    Australian firm confirms oil potential in Zimbabwe’s Muzarabani

    APA-Harare (Zimbabwe)

    Australian firm Invictus Energy said Wednesday that studies have confirmed the potential of oil in Zimbabwe’s Muzarabani district, a development expected to be good news for the southern African country’s struggling economy.

    Invictus Energy managing director Scott Macmillan said preliminary investigations confirm the existence of “shallow basement trend associated with Muzarabani anticline and identifies further leads.”

    “Invictus Energy Limited is pleased to announce that the ongoing basin modelling study and geochemical studies confirm the oil potential of the Cahora Bassa Basin,” Macmillan said in a statement on Wednesday.

    Macmillan said results of the company’s ongoing technical work “are extremely encouraging and is enhancing our understanding of the potential of our acreage in the Cabora Bassa Basin.”

    The potential oil finding in the basin in Mashonaland Central Province comes 25 years after American oil company Mobil carried similar studies in the area and left.

    Macmillan said conclusions from previous studies undertaken by Mobil “have been superseded with new geological understanding derived from updated industry classification of source rock types and basin modelling methods”.

    News about the oil prospects in Muzarabani comes at a time Zimbabwe is facing an acute shortage of foreign currency that has resulted in the resurfacing of long queues at fuel stations across the country as well as the closure of companies as monetary authorities fail to allocate funds for imports of raw materials.

    JN/APA

    React to this article