THE implementation of the Muzarabani Oil and Gas project has intensified after the conclusion of the consolidated Production and Profit-Sharing Agreement between government and Invictus Energy.
This Tuesday, the cabinet announced that the consolidated Petroleum Production Sharing Agreement and Petroleum Exploration and Production Agreement for the Muzarabani Oil and Gas Project is now in place, adding that and the venture has since been granted National Project Status.
The development has been welcomed by the contractor, who has been granted the right to exploit oil and gas resources in Zimbabwe.
“We are now progressing with our next activity in the field, which will be the drilling of the Masomo One well that is targeting a gas prospect in the east on trend with the Mukuyu gas discovery that we made in the back end of 2023. We are looking to unlock some additional resources. We are preparing to commence drilling and we have ordered a number of long leads for this programme,” Invictus Energy’s Managing Director, Scott MacMillan said.
The conclusion of the Production and Profit-Sharing Agreement is expected to come with mutual benefits for Zimbabwe and the investor.
Exploration conducted by Geo-Associates in collaboration with Invictus Energy has confirmed the presence of Oil and Gas in the Muzarabani basin.
Since getting the approval to implement the exploration project in 2018, Invictus Energy has undertaken an aggressive programme, acquiring 1,400km of 2D seismic and drilling two wildcat wells resulting in the Mukuyu gas-condensate discovery in late 2023.
