Australia' s Invictus Energy 's Gas and Oil Project Gains National Project Status in Zimbabwe
n By Harry Taruva n nn n Harare, Zimbabwe - In a significant development for Zimbabwe's energy sector, Australia headquartered Invictus Energy Ltd has been granted National Project Status (NPS) for its flagship Cabora Bassa Project in Zimba
anostrofy By Harry Taruva
Harare, Zimbabwe - In a significant development for Zimbabwe's energy sector, Australia headquartered Invictus Energy Ltd has been granted National Project Status (NPS) for its flagship Cabora Bassa Project in Zimbabwe, Kwedu News can reveal.
In a statement, the company said the designation, awarded by the Zimbabwe Finance Minister Hon. Prof. Mthuli Ncube, is a pointer to the project’s strategic importance to the nation’s economic growth and energy security.
Complementing the milestone is a recent partnership with Qatari-based Al Mansour Holdings, which has taken a 19.9% stake in the Australian company and committed up to $500 million to support the project’s development.
Investments awarded the NPS are recognized for their potential to contribute to national development.
NPS provides a suite of fiscal and non-fiscal incentives, including tax exemptions, expedited permitting processes, and enhanced access to essential infrastructure, research shows.
The benefits are considered crucial for advancing the Cabora Bassa Project from exploration to commercial production.
Invictus Managing Director, Scott Macmillan, says the importance of both the NPS and the agreed terms of the Petroleum Production Sharing Agreement (PPSA) show Zimbabwe's commitment to the project.
"These outcomes highlight the Government of Zimbabwe’s strong commitment to unlocking the country’s energy potential," he said.
The transparent framework provided by the PPSA is expected to facilitate smoother operations and lower costs as the project progresses, the company said.
Central to the Cabora Bassa Project is the Mukuyu gas field, discovered in 2023. This field has been hailed as one of the largest gas finds in Sub-Saharan Africa, with seismic data indicating an estimated 2.9 trillion cubic feet of gas and 184 million barrels of condensate in the eastern Cabora Bassa Basin.
Prof. Mthuli Ncube said the project's potential marks a new chapter in Zimbabwe's energy sector.
"The Government of Zimbabwe recognizes the economic, energy security and social opportunity Cabora Bassa presents," he said.
The successful development of the project could lead to a more stable energy supply, the government of Zimbabwe says, thus promoting a conducive environment for businesses to thrive.
