Philemon Jambaya
Assistant Editor
Zimbabwe is poised to become a significant player in the global oil and gas industry following a major investment by the Mutapa Investment Fund in the lucrative Invictus Energy Muzarabani project.
The fund has committed US$5 million towards the project, which has already yielded promising results. Laboratory tests conducted in the United States confirmed the presence of natural gas and oil condensate in the area, with the oil classified as light crude, suitable for producing diesel, petrol, and jet fuel.
Invictus Energy is set to raise a total of US$10 million through a private placement, with the remaining US$5 million coming from Mangwana Capital. MIF will subsequently represent the government's stake in the project, as negotiations for a Petroleum Production Sharing Agreement continue.
The investment is a major boost for Zimbabwe's economy, with the potential to create thousands of jobs and generate significant revenue. MIF, established in 2015 as the Sovereign Wealth Fund of Zimbabwe, aims to revitalize state-owned enterprises and foster economic growth.
Invictus Energy MD Scott Macmillan expressed excitement about the project's potential, announcing plans to list on the Victoria Falls Exchangeto allow local investors to participate.
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