Online Reporter
Nqobile Bhebhe,Zimpapers Business Hub
Zimbabwe’s oil and gas sector has received a major boost following the signing of a binding partnership between Invictus Energy and Qatar-linked Al Mansour Holdings (AMH), in a deal that positions the country as a rising energy hub.
Under the agreement, AMH will acquire a 19,9 percent strategic equity stake in Invictus and provide up to US$500 million in future financing to bring the flagship Cabora Bassa Project into commercial production.
The partnership was formally recognised in Harare this week.
In parallel, the two parties launched Al Mansour Oil & Gas (AMOG), a new Africa-focused upstream company targeting producing and near-term development oil and gas assets across the continent. Invictus will identify and manage assets, while AMH will provide financial backing.
In an update, Invictus Managing Director Mr Scott Macmillan said the agreement was transformational.
“This strategic investment by Al Mansour Holdings and formation of Al Mansour Oil & Gas with the backing of His Highness Sheikh Mansour is a milestone for Invictus. It enhances the growth trajectory of our Cabora Bassa Project and opens the door to upstream opportunities across Africa,” he said.
His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani said, “Our investment in Invictus and our new AMOG joint venture reflects our long-term commitment to Africa’s growth, energy security and economic transformation.
“Our goal with AMOG is to unlock the immense potential of Africa’s oil and gas sector in a way that benefits all stakeholders — host governments, communities and investors alike
The deal follows Invictus’ 2023 Mukuyu drilling campaign in Muzarabani, which discovered 1,3 trillion cubic feet of gas — ranked the second-largest find in sub-Saharan Africa that year by global consultancy Wood Mackenzie.
The partnership is expected to accelerate commercialisation of Zimbabwe’s hydrocarbons, drive infrastructure development, create jobs, enhance energy security and cement Zimbabwe’s role in Africa’s energy future.
