Online Reporter
Nelson Gahadza
INVICTUS Energy says it has received from the Government an updated draft of the Petroleum Production Sharing Agreement (PPSA) and consent to National Project Status for its oil and gas project, north of Zimbabwe, marking another key milestone in advancing the project.
The Australian firm, which is developing oil and gas assets in Mbire and Muzarabani districts, Mashonaland Central Province, commenced exploration in 2022 and has spent over US$80 million in the Cabora Bassa Basin project.
Invictus announced the discovery of condensate in the prospective area.
Under the PPSA, the Government will have a 40 percent share of the production, whose licence covers Special Grants 4571, 1848 and 1849.
In the latest update, Invictus said following a previous announcement regarding the decision by the Government to consolidate the Petroleum Exploration Development and Production Agreement (PEDPA) and the PPSA into a single, streamlined agreement, the company had now received the updated draft of the amalgamated documents.
“The company has been working closely and constructively with the relevant line ministries to finalise the terms of the PPSA. While the process has taken slightly longer than initially anticipated due to the introduction of additional provisions by external legal advisors, all parties remain committed to finalising a robust, balanced, and transparent agreement that meets international standards and supports long-term success,” reads part of the statement.
