Australian company says has found oil, gas in Zimbabwe

HARARE, Zimbabwe (AP) — An Australian-listed company exploring for oil and gas in Zimbabwe said Monday it has found deposits of both as well as helium in the Cabora Bassa Basin in the north of the country.

Invictus Energy said in a statement that results from an analysis of samples from drilling conducted last year confirmed “the presence of light oil and rich natural gas-condensate, with condensate gas ratios estimated at between 30 to 135 barrels per million cubic feet.”

The results also showed the presence of helium gas “in commercial concentrations,” the company said.

Helium is used in the production of semi-conductors and liquid crystal display (LCD) panels.

Invictus Energy is planning to drill another exploration well in the same area later this year.

There was no immediate comment from the Zimbabwean government on the find.

It could be years before Zimbabwe starts commercial production of any of the deposits. Neighboring Mozambique only started exporting liquefied natural gas last year after discovering reserves off its coast in 2010.


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