Online Reporter
Nqobile Bhebhe Zimpapers Business Hub
INVICTUS Energy’s flagship Cabora Bassa Project has been granted National Project Status (NPS) and secured terms of a Petroleum Production Sharing Agreement (PPSA), cementing Zimbabwe’s position in Africa’s emerging oil and gas industry.
The approvals provide major fiscal and non-fiscal incentives, including duty exemptions, fast-tracked permits, and streamlined infrastructure access, enabling the project to advance towards commercial gas production. NPS is reserved for projects deemed of strategic national importance and central to economic growth.
The milestone comes just days after Invictus signed a binding agreement with Qatar-linked Al Mansour Holdings (AMH), led by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani.
AMH will acquire a 19,9 percent equity stake in Invictus and inject up to US$500 million in future financing to bring the Cabora Bassa Project into production.
As part of the partnership, Invictus and AMH have launched Al Mansour Oil & Gas (AMOG), a new upstream player targeting producing and near-term development assets across Africa.
In an update on Tuesday, Invictus Managing Director Scott Macmillan said the twin developments represent “two pivotal milestones” for the company and the country.
“The PPSA provides the stable and transparent framework required to progress development, while NPS delivers tangible fiscal benefits to reduce costs and accelerate execution,” he said in a statement.
“This recognition underscores the strategic importance of our discovery and the potential it holds to transform Zimbabwe’s energy landscape.
Finance and Economic Development and Investment Promotion Minister Professor Mthuli Ncube said Government is committed to ensuring a transparent and commercially sound agreement that benefits the nation.
“We are pleased to be working closely with Invictus Energy through its recent strategic partnership with Al Mansour Holdings and to finalise the PPSA to ensure a transparent, fair and commercially sound agreement that benefits the people of our nation.
“The Government is committed to fostering a competitive and attractive investment environment, and we are delighted to partner with Invictus Energy as this landmark project advances towards development.”
Bongani Ndlovu