Online Reporter
Golden Sibanda, Zimpapers Business HUb
Australia Stock Exchange (ASX) listed petroleum exploration junior, Invictus Energy, is looking beyond Zimbabwe for new investments in the energy sector after securing about US$500 million in investment funding guarantees from its new shareholders, Qatar-based Al Mansour Holdings (AMH).
AMH is backed by Qatari billionaire Sheikh Mansour Bin Jabor Bin Jassim Al Thani, who recently signed agreements with the Government to invest up to US$19 billion in Zimbabwe across key economic sectors, including energy, agriculture, livestock, food security, tourism, housing, cybersecurity and airports.
This is part of a broad investment strategy in Africa that covers at least six countries, including Botswana, Burundi, the Democratic Republic of Congo and Zambia.
While technically a private entity, AMH’s investment activities are widely understood to leverage the significant financial resources available through Qatar’s sovereign wealth, estimated to be around $300 billion.
The company is part of Qatar’s broader strategy to expand its global economic presence beyond its traditional hydrocarbons sector, which still accounts for approximately 60 percent of its Gross Domestic Product.
AMH’s recent investment pledges in Africa, US$103 billion commitment across six nations, are considered strategically important for the Gulf nation’s diversification efforts.
The investment partnership with Invictus follows the latter’s significant condensate gas discovery at its Mukuyu prospective area in Mbire, Mashonaland Central Province, north of Zimbabwe, where the company is now preparing to progress the project to commercial production. In December 2024, Invictus announced the discovery of an estimated 2,9 trillion cubic feet (Tcf) of gas and 184 million barrels of condensate in the Cabora Bassa Basin region, a potentially transformative asset for the country.
After AMH secured a 19,9 percent stake in the company, for US$25 million, it pledged US$500 million to advance the gas project through commercial production, while further exploration continues within the firm’s licensed area in the Cabora Bassa basin.
In a letter to stakeholders, Invictus Energy chief executive Scott MacMillan said by aligning with AMH’s African investment strategy, Invictus was now positioned at the centre of a far-reaching African growth story, with long-term institutional backing that extends beyond the energy sector.
Mr MacMillan, however, stressed that Zimbabwe remained the company’s primary focus, offering a huge opportunity for the company to crack into the highly lucrative US$6 trillion global petroleum industry.
“A cornerstone of this partnership is the creation of Al Mansour Oil and Gas (AMOG), a new joint venture between AMH and Invictus.
“AMOG will target upstream producing and near-term development oil and gas assets across Africa, with Invictus leading technical, commercial and operational management, while AMH funds acquisitions and development,” Mr MacMillan said.
Invictus’ 10 percent ownership of AMOG is entirely free carried by AMH, meaning no capital is required from Invictus to build a portfolio of projects and move them towards development and production, or manage producing assets that enter the portfolio.
“Together, this combination of financial strength and proven operational expertise provides the foundation to build a diversified upstream portfolio that delivers reliable energy, sustainable growth and socio-economic benefits across the African continent,” he said.
However, Invictus pointed out that its priority remains progressing the Cabora Bassa Project, but the formation of AMOG provides exciting new opportunities to expand its footprint and accelerate growth across Africa.
Mr MacMillan noted that while operational activity at the Cabora Bassa project has been relatively quiet in recent months, this time had enabled the company to secure this transformational partnership with AMH.
The Government of Zimbabwe recently awarded the Cabora Bassa Project National Project Status (NPS). The status recognises projects of national importance and provides significant fiscal benefits that will reduce costs and accelerate project execution as we move towards development.
“Additionally, we have agreed terms for the long-awaited Petroleum Production Sharing Agreement (PPSA) with the Republic of Zimbabwe, with formal execution expected imminently,” said Mr MacMillan.
“These are pivotal milestones that highlight the Zimbabwe Government’s commitment to unlocking the nation’s energy potential and further strengthening the project’s pathway to commercialisation.”
This comes as Invictus is preparing to commence further high-impact exploration drilling campaigns, with the first well in the sequence targeting the Musuma prospect in the Eastern Margin Play.
The company said the Musuma-1 well would test the 1,2 trillion cubic feet (Tcf) plus 73 million barrels of condensate (gross mean unrisked) target, which, if successful, will provide valuable insights into the eastern margin plays, refining its focus for the project’s initial development phase.
