Zim Intensifies Efforts to Tap into Africa's US$6B...

Zim Intensifies Efforts to Tap into Africa's US$6B Oil, Gas Exploration Surge

Nyashadzashe Ndoro

Chief Reporter

Zimbabwe has ramped up efforts to capitalise on Africa’s booming oil and gas exploration sector, which is projected to surpass US$6 billion in 2024.

This push is highlighted by recent high-level appointments and ongoing exploration activities, signaling the country’s intent to become a key player in the regional energy sector.

President Emmerson Mnangagwa recently appointed two new deputy ministers, one of whom is specifically tasked with overseeing oil and gas exploration.

Caleb Makwiranzou, an experienced engineer, has been appointed Deputy Minister of Mines and Mining Development, with a specific focus on Oil and Gas Research and other Strategic Minerals Exploration.

According to a statement by Chief Secretary Martin Rushwaya, this appointment demonstrates the government’s commitment to prioritizing and accelerating the development of its hydrocarbon resources. The other appointment was Albert Tawanda Mavunga as Deputy Minister of Local Government and Public Works.

Makwiranzou’s appointment comes as Zimbabwe sees promising developments in its exploration efforts, particularly in the Muzarabani area within the Cabora Bassa Basin.

Invictus Energy, an Australian-listed company, is currently drilling the Baobab-1 well, following encouraging results from the Mukuyu-1 well. The Mukuyu-1 well indicated the presence of gas condensate, a working hydrocarbon system, and potential for light oil. Notably, it also revealed commercial concentrations of helium gas, a rare and valuable commodity that could position Zimbabwe as a significant supplier.

These activities align with a broader surge in oil and gas exploration across Africa. A recent report by the African Energy Chamber highlights the continent’s potential to lead global high-impact drilling in 2024, with over 150 wells planned.

The report, analyzed by Zim Now, notes a significant revival in Africa’s exploration landscape, with spending expected to surpass US$6 billion this year, returning to pre-pandemic levels.

This resurgence is being driven by North and West Africa, with substantial contributions from countries like Egypt, Algeria, Angola, and Nigeria, as well as major discoveries in Namibia’s Orange Basin by TotalEnergies and Shell.

While Zimbabwe’s exploration efforts are still in their early stages, the potential rewards are substantial.

Successfully discovering commercially viable oil and gas reserves could significantly boost the country’s economy, create jobs, and enhance energy security. The presence of helium further adds to the potential economic benefits.

The African Energy Chamber report emphasizes that this surge in exploration spending across the continent underscores Africa’s potential to become a major energy hub.

Key Exploration Projects in Africa with High Energy Potential include Egypt: Orion-1 (North East Hapy) – Large prospective resources, Egypt: Block 1 Well (Red Sea) – ; Mozambique: A5-B Well #1 (Angoche Basin) – Frontier basin; South Africa: DWOB Well-1 (Orange Basin Deepwater, ER 335) – Emerging basin; South Africa: Block 5/6/7 Well #1 (ER 225) – Frontier basin; Namibia: Mopane-1X (Block 2814A) – Emerging basin; Namibia: PEL 90 Well #1 (Block 2913B) – Focus for company; Angola: Block 30 Well #1 – Frontier basin; Congo: Niamou-1 (Marine X) – Focus for company and Equatorial Guinea: Akeng Deep-1 (Block S) – Play opening and Guinea-Bissau: Atum-1X (Block 2, Sinapa) – Large prospective resources

Africa stands to reap significant benefits from the ongoing exploration boom, with anticipated increases in oil and gas production, rising international investment, and a stronger presence in the global energy landscape.