Online Reporter
Golden Sibanda
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 plan 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 investments in Africa are part of Qatar’s strategic plan 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, Mr 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.
