Oil project takes shape

ZIMBABWE’S ambitions to produce oil and gas along the Zambezi basin in Muzarabani is taking shape with Australian Stock Exchange (ASE)-listed firm Invictus Energy set to commence a seismic programme in the “next few weeks”, the Zimbabwe Independent can report.

This comes after Invictus Energy and the government signed a Petroleum Exploration Development and Production Agreement (PEDPA). Under the PEDPA, Invictus Energy was granted rights to undertake production for the next 25 years and the project was granted a Special Economic Zone (Sez) status.

Deliberations are already underway to finalise the Petroleum Production Sharing Agreement (PPSA). The PPSA will, among other salient matters, spell out the sharing ratios that will accrue to Invictus, the government and other stakeholders on oil output and profits. Invictus Energy chief executive Scott McMillan said preparatory work to roll out exploration drilling was underway.

“We are excited to commence our seismic programme very soon. The equipment is being mobilised and will be in the country in the next few weeks. Once the equipment arrives, we will train about 85 local personnel,” McMillan said.

“We are pleased that both the seismic and the drilling programme will involve a local content component in terms of personnel and services. The seismic programme will gather more geophysical data which assists us in seeing beneath the surface.”

The equipment

is being mobi

lised and will be in the country in

the next few weeks.