The Government of Zimbabwe and Geo Associates, Invictus Energy’s 80%-owned subsidiary, will sign a Petroleum Production Sharing Agreement on Wednesday, ending years of negotiations and establishing the legal template for the nation’s nascent oil and gas industry, Mining Zimbabwe can report.
By Rudairo Mapuranga
The ceremony is scheduled for 14:30 in Harare. The state will be represented by Finance Minister Mthuli Ncube, the Minister of Energy and Power Development, and the Minister of Mines and Mining Development, Dr Polite Kambamura. Executives from Geo Associates and Invictus will attend.
The PPSA governs exploration, development, and production-sharing terms for the 360,000-hectare Cabora Bassa Project. Once executed, it will also serve as Zimbabwe’s model contract for all future petroleum agreements, providing the legal certainty international investors demand.
Geo Associates is jointly owned by Invictus Energy (80%) and Zimbabwe’s Mutapa Investment Fund (20%). The PPSA clarifies revenue sharing and operational control between the state and private partner, a critical requirement for financing the project’s next phase.
Invictus has already begun well pad preparation for the Musuma-1 exploration well, which targets 1.2 trillion cubic feet of gas and 73 million barrels of condensate. Drilling is planned for the second half of 2026, with rig contracts expected in June.
The Cabora Bassa Basin contains the Mukuyu gas field, rated by Wood Mackenzie as Sub-Saharan Africa’s second-largest petroleum find in 2023. Independent estimates suggest up to 20 trillion cubic feet of gas and 845 million barrels of condensate.
Finance Minister Mthuli Ncube has previously described the PPSA as reflecting “international best practice while safeguarding Zimbabwe’s long-term national interests.” With the signing now set, Invictus can accelerate its permitted gas-to-power pilot project at Eureka Gold Mine.
More details are expected to emerge following the official signing ceremony tomorrow.
