Australia-based Invictus Energy has signed a Petroleum Production Sharing Agreement with the Zimbabwean government, paving the way for the advancement of the Cabora Bassa gas project in Mashonaland Central.
The agreement, signed in Harare through Invictus’ subsidiary Geo Associates, establishes the legal and fiscal framework that will guide future oil and gas exploration, production and profit-sharing arrangements at the project.
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Speaking during the signing ceremony, Invictus Energy chief executive Scott Macmillan said the deal adopts a hybrid model that allows the government to either receive a share of profits or a portion of the gas produced once commercial extraction begins.
The Cabora Bassa project, located in Muzarabani and Mbire districts, has increasingly drawn attention following gas-condensate discoveries made at the Mukuyu field in 2023.
The discoveries were regarded among the largest hydrocarbon finds in sub-Saharan Africa that year, with estimates pointing to about 1.3 trillion cubic feet of gas and roughly 230 million barrels of oil equivalent from the initial two wells drilled.
Invictus is now preparing for its next exploration phase, including the planned Musuma-1 well expected to be drilled later this year. The company previously indicated the target could hold an estimated 1.2 trillion cubic feet of gas and 73 million barrels of condensate.
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