Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
AT least eight companies have expressed strong interest in extracting natural gas from Matabeleland North Province, as the Government moves to finalise a comprehensive oil and gas policy to regulate the emerging sector.
Deputy Minister of Mines and Mining Development responsible for oil and gas research, Engineer Caleb Makwiranzou, revealed this while responding to questions in Parliament last week.
“At the moment, we are actually working on the oil and gas policy as he has described it, but we are guided by the Mines and Minerals (Act) (Chapter 21:03). So, we are working on the policy and we will be giving it out very soon,” said Eng Makwiranzou.
He said Invictus Energy remains the frontrunner in terms of progress and activity on the ground. However, several other companies are now positioning themselves for commercial extraction once exploration concludes and the policy framework is in place.
“The one, which is most leading is Invictus because they have made a lot of progress. However, also, let me just mention in passing, that we actually have eight companies that are interested in extracting gas, mostly in Matabeleland North.
“We are getting these to also follow certain guidelines that we have, the general guidelines, which include environmental impact assessment and the normal licensing under the Ministry of Mines and Mining Development,” he said.
Invictus Energy, an Australian-listed firm, is spearheading exploration under the Cabora Bassa Project. Its seismic surveys and test wells have heightened optimism around the presence of commercially viable gas and oil reserves, potentially transforming Zimbabwe’s energy sector.
During the same parliamentary session, legislator Joseph Mapiki raised concerns about the State’s participation in the sector.
“Does our country have shares in all these companies that are extracting gas, or are we leaving everything in the hands of these companies, which are mining and wait for what the companies are going to declare?” he asked.
Eng Makwiranzou clarified that gas extraction had not yet commenced, and that Government’s engagement with investors is governed by Memoranda of Understanding outlining petroleum profit-sharing terms.
“As I said, we are working on a policy, but what is actually happening is that they are still at the exploration stage. We actually have not started extracting as he implied. At the exploration stage, we have a Memorandum of Understanding with these companies on the petroleum profit sharing agreement. So, we are working with them and it is going on very well,” he said.
The Oil and Gas Policy under development is expected to provide a regulatory framework that ensures Zimbabwe derives maximum benefit from its natural resources while maintaining investor confidence.
Economic analyst, Ms Alice Chikonzi said the establishment of an oil and gas policy could be a game-changer for the economy.
“A well-regulated and operational oil and gas industry has the potential to significantly reduce Zimbabwe’s reliance on imported fuels, which currently exerts pressure on the trade balance and foreign currency reserves,” she said.
She stressed the importance of a transparent and investor-friendly policy framework to attract long-term capital and ensure that resource wealth translates into broad-based economic benefits.
“It’s not just about extraction it’s about how Zimbabwe leverages these resources to build a diversified, resilient economy.”
Once finalised, the policy will outline the roadmap for gas extraction, especially in resource-rich regions such as Matabeleland North.
The province is believed to host vast deposits of untapped coal bed methane gas, which the Government views as a key driver for clean energy and economic growth.
Meanwhile, the Muzarabani project — located in the Cabora Bassa Basin in Mashonaland Central — remains Zimbabwe’s most advanced onshore oil and gas venture. It is also ranked among Africa’s largest undrilled onshore prospects.
The area is estimated to hold over 20 trillion cubic feet of natural gas and 845 million barrels of conventional gas condensate.
Both the Muzarabani and Matabeleland North projects are strategic to the country’s National Development Strategy 1 (NDS1), which seeks to propel Zimbabwe to upper-middle-income status by 2030 through industrialisation, value addition and energy self-sufficiency.
