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The Ministry of Finance and Investment Promotion has officially granted National Project Status (NPS) to Invictus Energy’s flagship Cabora Bassa Project, marking a major step forward for the company’s local operations, Mining Zimbabwe can report.
By Ryan Chigoche
This development follows a series of constructive meetings between the government and Invictus, which have culminated in the finalisation of terms for the Petroleum Production Sharing Agreement (PPSA).
The agreement is now being prepared for execution.
National Project Status is reserved for projects of strategic importance to the country and considered vital to Zimbabwe’s economic growth and development.
It provides a range of fiscal and non-fiscal incentives, including duty exemptions, fast-tracked permitting, and streamlined access to key infrastructure and services as the project moves into the development phase.
Commenting on the development, Finance Minister Mthuli Ncube expressed optimism, reaffirming the government’s commitment to supporting such investments.
“The Government of Zimbabwe recognises the economic, energy security and social opportunity Cabora Bassa presents. We are pleased to be working closely with Invictus Energy through its recent strategic partnership with Al Mansour Holdings and to finalise the PPSA to ensure a transparent, fair and commercially sound agreement that benefits the people of our nation. The Government is committed to fostering a competitive and attractive investment environment, and we are delighted to partner with Invictus Energy as this landmark project advances towards development,” Ncube said.
Invictus Managing Director Scott Macmillan described the twin developments as pivotal milestones for the company.
“Agreement of the PPSA terms and the granting of National Project Status represent two pivotal milestones for Invictus and the Cabora Bassa Project. The PPSA provides the stable and transparent framework required to progress development, while NPS delivers tangible fiscal benefits to reduce costs and accelerate execution. This recognition underscores the strategic importance of our discovery and the potential it holds to transform Zimbabwe’s energy landscape. These outcomes highlight the Government of Zimbabwe’s strong commitment to unlocking the country’s energy potential. We are grateful for their support and look forward to executing the PPSA and moving towards development of the Cabora Bassa Project.”
The announcement comes on the back of Invictus’ recent partnership with Al Mansour Holdings, backed by Sheikh Mansour bin Jabor bin Jassim Al Thani, a member of the Qatari royal family.
Under the agreement, Al Mansour will acquire a 19.9% stake in Invictus for US$24.5 million at a premium over the current share price and commit up to US$500 million in future funding, contingent on Invictus proving the commercial viability of at least one of its gas discoveries.
A representative from Al Mansour will also join the Invictus board, further strengthening the strategic alliance.
The partnership significantly bolsters Invictus’ Cabora Bassa Project, where the company holds an 80% operating interest, with the remaining 20% owned by One Gas Resources, led by Zimbabwean geologist Paul Chimbodza.
To unlock the full US$500 million funding, Invictus must conduct additional drilling, flow testing, and seismic surveys to confirm the commercial potential of its discoveries.
The Cabora Bassa Project rose to prominence in December 2023 when Invictus announced a historic gas discovery at its Muzarabani prospect, marking Zimbabwe’s first confirmed gas find.
However, the discovery is just the beginning of a longer journey. Invictus must drill further wells to determine the volume, quality, and recoverability of the gas before moving into the development phase, which will involve designing and constructing the infrastructure required to bring the resource to market.
