Online Reporter
Nqobile Bhebhe
Zimpapers Business Hub
Invictus Energy has entered into a transformative partnership with the Qatar-linked investment powerhouse Al Mansour Holdings (AMH), in a development that positions Zimbabwe at the heart of Africa’s emerging oil and gas revolution.
The two parties signed a binding Memorandum of Understanding and share subscription agreement in Harare this week, paving the way for AMH to acquire a 19,9 percent strategic equity stake in Invictus, the company behind Zimbabwe’s flagship Cabora Bassa Project.
Under the agreement, AMH, led by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani, will inject up to $500 million in future financing to bring the Cabora Bassa Project into commercial production.
In tandem, the parties launched a new Africa-focused upstream player — Al Mansour Oil & Gas (AMOG) — a joint venture that will pursue producing and near-term development oil and gas assets across the continent.
The partnership was formally recognised at a signing ceremony attended by senior Government officials, underlining Harare’s support for Zimbabwe’s budding oil and gas sector.
“This strategic investment by Al Mansour Holdings and formation of Al Mansour Oil & Gas, with the backing of His Highness Sheikh Mansour, is a transformational milestone for Invictus,” said Invictus Managing Director Mr Scott Macmillan.
“It significantly enhances the growth trajectory for our Cabora Bassa Project and opens the door to strategic upstream opportunities across the African continent. Through our role in AMOG and the strategic investment by AMH in Invictus, our shareholders will gain exposure to a diversified portfolio of development and producing assets, backed by world-class partners and capital strength.”
His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani hailed the venture as a cornerstone of Africa’s energy transformation.
“We are proud to launch Al Mansour Oil & Gas in partnership with Invictus Energy, a company that shares our vision for responsible and impactful energy development across the African continent,” he 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.
“We look forward to building a world-class African upstream portfolio and working closely with our partners to deliver energy for progress.”
The agreement comes on the back of Invictus Energy’s landmark discoveries at its Mukuyu wells in Muzarabani, which revealed two significant gas deposits in the Lower and Upper Angwa formations.
The find was ranked the second-largest oil and gas discovery in sub-Saharan Africa in 2023 by global consultancy Wood Mackenzie, with an estimated 1.3 trillion cubic feet (Tcf) of gas.
The discovery has been described as a game-changer that could make Zimbabwe a future gas producer, with benefits spanning energy security, industrial development, job creation and enhanced fiscal revenues.
Energy experts say the involvement of AMH and the creation of AMOG signal not only access to long-term capital but also credibility for Zimbabwe’s hydrocarbons sector on the global stage.
“Invictus Energy is responsible for identifying and maturing upstream opportunities and managing acquired assets under the JV, while Al Mansour Holdings will finance AMOG’s activities, including acquisitions, development and operations, bringing strong institutional backing from Qatar,” the company said in a statement.
Several high-impact transactions are already in advanced stages, with the first expected to be completed before the end of the year.
The landmark partnership positions Zimbabwe to emerge as a key player in Africa’s energy supply chain.
The funding is expected to accelerate Cabora Bassa’s development into production, provide infrastructure to support downstream industries, and reduce dependence on imported fuel and power.
Furthermore, by anchoring Invictus within a pan-African growth strategy, Zimbabwe stands to gain from regional energy integration, enhanced trade, and new investor confidence in its resources sector.
The creation of AMOG also marks Invictus’ transition from an explorer to a regional operator and asset consolidator — a move expected to deliver socio-economic uplift for local communities through employment, infrastructure, and reliable energy supply.
