Government has extended the special grant to the Muzarabani Gas and Oil Project by three years to give Invictus Energy more time to complete the exploration programme.
Invictus Energy, the company which has majority stake in the Muzarabani Gas and Oil Project, believes the move is an indicator of government’s commitment to facilitate the success of the project.
Invictus Energy Country Manager Brent Barber said they are committed to see that projects of such nature can yield the desired results.
It is anticipated that the extension will also provide more time for the mobilisation of funds.
This comes after the company revealed in a statement that it has made significant progress, including the conclusion of a petroleum exploration and production agreement with the government.
