Zimbabwe Moves Closer to Finalising LNG Gas and Petroleum Production

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A leading oil and gas exploration company in sub-Saharan Africa, Invictus Energy Limited, has announced the completion of the independent review of Zimbabwe’s Petroleum Production Sharing Agreement (PPSA).

The agreement is now under consideration by the country’s government, with finalisation expected in the coming weeks.

The PPSA, reviewed by European legal counsel via the Africa Legal Service Facility, is a critical step in establishing a stable, transparent, and equitable legal framework for Zimbabwe’s burgeoning oil and gas sector. Once executed, the agreement will govern exploration and production activities, ensuring value-sharing between the government, Invictus Energy, and its partners.

Significant Milestone for the Cabora Bassa Project

Invictus Energy, through its subsidiary Geo Associates (Pvt) Ltd, holds an 80% stake in the Special Grant 4571, which encompasses the Mukuyu gas-condensate field in the Cabora Bassa Basin. The basin spans 360,000 hectares and is considered one of the most prospective oil and gas regions in Zimbabwe.

The Mukuyu gas field, recently discovered, has positioned Zimbabwe as a key player in the regional energy market. The PPSA is designed to secure fair value distribution while creating a governance structure to guide future operations in the sector.

Managing Director Scott Macmillan remarked, “Completion of the PPSA review by external independent counsel is a significant milestone for Invictus and underscores the Company’s commitment to adhering to international best practices and fostering robust partnerships with host governments. Once executed, the PPSA represents a key step in ensuring the long-term success of the Company’s operations and contributing positively to the development of the region’s energy sector.”

Government Support and Investment

The Zimbabwean government has demonstrated strong backing for the Cabora Bassa Project. In July 2024, the Mutapa Investment Fund (MIF) pledged to underwrite $5 million of a $10 million capital raise for the project. This commitment underscores the importance of the Cabora Bassa Basin as a strategic asset for Zimbabwe’s economic development.

About Invictus Energy

Invictus Energy Ltd is an independent exploration company focused on high-impact energy resources across sub-Saharan Africa. Its portfolio includes the Cabora Bassa Basin in Zimbabwe, which contains multiple promising prospects in addition to the Mukuyu gas field.

The company’s board includes prominent leaders such as Non-Executive Chairman John Bentley and Managing Director Scott Macmillan, alongside Deputy Chairman Joe Mutizwa. Their expertise underscores Invictus Energy’s ability to manage large-scale exploration and production projects effectively.

With the PPSA nearing finalisation, Zimbabwe stands on the brink of unlocking a transformative chapter in its energy sector, offering immense potential for economic growth and regional energy security.