The Managing Director Scott MacMillan of Invictus Energy, the Australian Stock Exchange (ASX) listed company has said that Zimbabwe could turn into a net exporter of energy due to the anticipated discovery of gas and oil.
Invictus is currently exploring for oil and or gas in Muzarabani and Cahora Bassa basin and the company has already recorded significant milestones towards the potential discovery of gas and oil from fresh tests and evaluation of secondary data first gathered by global oil giant Mobil in the 90s.
MacMillan said that if gas and oil were discovered in Zimbabwe, Discovery it would mean energy independence for the country which is vital for economic growth and prosperity. He added said:
And for a country like Zimbabwe it would mean that we are no longer reliant on fuel and electricity imports and instead of consuming 25 per cent of our foreign currency importing diesel and petrol if enough is discovered we can turn into a net exporter.
Meanwhile, One Gas Energy, a local player which is in partnership with Invictus Energy for the Muzarabani Oil Project has revealed that legislative issues are delaying the implementation of the Muzarabani Oil Project.
One Gas Energy Executive Director Mr Patrick Chimbodza told ZBC News in January this year that the drilling process to establish commercially viable exploration levels can start later this year if legislative issues have been resolved.
More: The Herald