Nqobile Bhebhe [email protected]
ZIMBABWE’S petroleum exploration sector has reached a major milestone after the Government gazetted the Petroleum Production Sharing Agreement (PPSA) for the Cabora Bassa project, formalising the long-term legal and commercial framework required to advance investment towards production.
The gazetting of the agreement, published under General Notice 2101 of 2026 on Friday, completes the formal execution requirements for the PPSA between the Republic of Zimbabwe, Invictus Energy Limited and its 80 percent-owned subsidiary Geo Associates (Private) Limited, the licence holder.
The development establishes the fiscal, legal and commercial framework governing the exploration, appraisal, development and eventual production of petroleum from the Cabora Bassa project.
The agreement provides Invictus a foundation for attracting the substantial investment required to advance the Mukuyu gas-condensate discovery through appraisal and towards commercial development.
In a statement, Invictus Energy said the gazetting of the agreement followed its official signing ceremony with the Government in March this year.
“This represents a major milestone for Invictus, formally establishing the long-term fiscal, legal and commercial framework underpinning the appraisal, development and eventual production of petroleum from the Cabora Bassa Project,” the company said.
Invictus managing director Mr Scott Macmillan said the gazetting of the agreement was a landmark development for the company and its exploration project.
“The formal gazettal of the Petroleum Production Sharing Agreement is a landmark milestone for Invictus and the Cabora Bassa Project, completing the final formal step following the landmark signing of the agreement earlier this year,” he said.
He added that the agreement would provide the certainty required to underpin investment in the project.
“Importantly, this agreement delivers the long-term fiscal, legal and commercial certainty required to underpin the substantial investment needed to advance the Mukuyu discovery through appraisal towards development and commercial production.”
The PPSA is expected to provide a conducive environment for project partners and financiers to support the next phase of exploration and development.
Invictus said the framework would help unlock the broader Cabora Bassa resource base, with the Mukuyu discovery representing a key component of its petroleum exploration activities.
The company has been pursuing the development of the Cabora Bassa project as part of efforts to establish Zimbabwe as a potential petroleum-producing country.
The gazetting of the agreement comes as the country seeks to attract investment into productive sectors of the economy, with energy development offering potential opportunities for industrial growth, employment creation and improved energy security.
The next phase will focus on advancing the discovery through appraisal and determining the commercial viability of developing the resource.
Successful development of the project could open a new chapter in Zimbabwe’s energy sector, although further investment, technical work and development activities will be required before commercial petroleum production can be realised.
