The Muzarabani oil project has high potential to produce 3,9 trillion cubic feet (tcf) of natural gas and 181 million barrels of conventional gas, Australia-listed company, Invictus Energy, has confirmed.
Cubic feet are used to measure volume in the oil and gas industry.
A maiden resource estimate report released by Invictus yesterday said the Muzarabani project had net mean recoverable conventional potential of 680 million barrels of oil equivalent (boe), consisting of 3,9 tcf and 181 million barrels of condensate or conventional gas.
The report was completed by a leading petroleum consultancy firm, Netherland, Sewell and Associates Inc (NSAI).
The 3,9 tcf of natural gas can give the country 500 megawatts of power for 40 years, while 181 million barrels of conventional gas can give Zimbabwe enough fuel for the next 20 years at current consumption levels of 25 000 barrels per day, according to Invictus managing director Mr Scott Macmillan.
The fuel that can be produced from conventional gas includes high-octane petrol, as well as jet, diesel and boiler fuels.
Invictus cautioned that the quantities of petroleum that may potentially be recovered by the application of a future development project relate to undiscovered accumulations.
"These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation are required to determine the existence of a significant quantity of potentially movable hydrocarbons," reads part of the statement by Invictus.
"Prospective resource assessments in this release were estimated using probabilistic methods in accordance with SPE-PRMS standards," it said.
While Invictus has not yet discovered oil and gas, subject to exploration and drilling, information available so far points to vast potential for the two resources in the area under exploration.
"The high side estimate of over 2,2 billion boe gross is enormous and confirms Muzarabani as potentially the largest undrilled seismically defined structure onshore Africa," said Mr Macmillan.
He added that the estimate excludes the additional prospective horizons above and below the Upper Angwa in the Mzarabani structure as well as further plays and leads within the SG 4571 area which have the potential to add material prospective resources to the Cabora Bassa project.
Significant additional potential would be evaluated in post seismic reprocessing results in the first quarter of 2019, the statement said.
Going forward, Invictus will continue with its geological and geophysical studies, including additional basin modelling and a further resource estimate leading to a planned marketing programme to attract a farm-out partner.
Following on from the reprocessing work, a final independent Prospective Resource Report encompassing the entire SG 4571 area will be delivered early next year.
"Our technical work programme continues to highlight the enormous potential of the world class Muzarabani prospect in our Cabora Bassa Project. We look forward to maturing the additional potential within our acreage and continue to build on our significant prospective resource inventory," reads Invictus' statement.
President Mnangagwa on Thursday last week addressed a press conference in the presence of officials from Invictus and updated the nation on oil and gas prospects in Muzarabani.
He pledged Government's full support for the project and indicated that if all goes according to plan, Zimbabwe would have its first oil exploration well by 2020.