HARARE – Invictus Energy Ltd has made significant strides in its bid to commercialise the Cabora Bassa Basin gas project in Zimbabwe, completing an independent review of its Petroleum Production Sharing Agreement (PPSA).
This marks a critical step toward finalising the framework that will underpin the country’s emerging oil and gas sector.
The PPSA is designed to establish a stable and equitable regulatory and financial framework for exploration and production, ensuring long-term value for shareholders while driving national economic growth. This development positions Zimbabwe as a potential key player in regional energy markets.
The Cabora Bassa Basin project, particularly the Mukuyu gas field, holds significant promise for addressing energy demands in Zimbabwe and the broader region. Invictus Energy has committed to sustainable exploration practices and fostering partnerships that will contribute to the country’s energy independence.
The Mukuyu gas field is considered one of the largest undrilled prospects onshore Africa, with estimates pointing to substantial reserves of natural gas and condensate. Successful commercialisation could not only meet Zimbabwe’s domestic energy needs but also generate export revenues, creating a vital source of foreign currency for the country.
The Zimbabwean government has been proactive in supporting the oil and gas sector, recognising its potential to transform the nation’s energy landscape. Speaking on the PPSA review, a government official emphasised the importance of a well-structured agreement to attract foreign investment and ensure equitable benefit-sharing.
“We are optimistic that this agreement will pave the way for sustainable energy development in Zimbabwe. The collaboration between Invictus Energy and the government showcases our commitment to creating an investor-friendly environment,” the official said.
The Cabora Bassa project is expected to generate substantial economic benefits, including job creation, infrastructure development, and energy cost savings. Analysts predict that a fully operational Mukuyu gas field could reduce Zimbabwe’s reliance on imported energy, helping stabilise the country’s economy.
However, environmental groups have urged Invictus Energy to maintain transparency and adhere to global environmental standards to ensure the project’s sustainability.
Invictus Energy’s CEO expressed confidence in the project’s potential, stating that finalising the PPSA would signal a major milestone in the company’s commitment to advancing energy exploration in Africa.
“We are excited about the opportunities the Cabora Bassa project presents. This agreement will not only provide a foundation for our operations but also deliver value to the Zimbabwean economy and its people,” the CEO said.
The company plans to move forward with further exploration and potential development phases once the PPSA is executed.
With the global energy transition and rising demand for cleaner fuels, Zimbabwe’s Cabora Bassa Basin could emerge as a significant contributor to Africa’s energy supply, marking a new era of growth and innovation for the country’s energy sector.