HARARE, May 28 – Australian oil and gas explorer Invictus Energy has signed a petroleum production sharing agreement with Zimbabwe, marking a major step forward in the development of the Cabora Bassa gas project.
The agreement was signed in Harare between Zimbabwean authorities and Geo Associates, the locally operating unit majority-owned by Invictus Energy.
According to company executives, the arrangement adopts a hybrid structure that allows the Zimbabwean state flexibility in how it receives returns from future production, either through a share of profits or a direct allocation of produced gas.
Scott Macmillan said the agreement establishes the commercial framework needed to move the project toward further exploration and development activities.
Invictus is preparing to drill the Musuma-1 exploration well during the second half of 2026, targeting an estimated 1.2 trillion cubic feet of gas and approximately 73 million barrels of condensate resources.
The company previously announced significant gas-condensate discoveries at the Mukuyu field in 2023, developments that raised expectations of a potential new inland oil and gas basin in Zimbabwe.
Zimbabwean officials described the latest agreement as part of broader efforts to unlock the country’s natural resource potential and attract long-term energy investment.
Mthuli Ncube said the agreement demonstrates the government’s commitment to developing strategic natural resources capable of supporting future economic growth.
The Cabora Bassa project has increasingly attracted attention as Zimbabwe seeks to diversify its energy mix, strengthen domestic industrial capacity and reduce long-term dependence on imported fuel supplies.
If commercial production advances successfully, the project could become one of the country’s most important energy developments in decades and potentially reshape Zimbabwe’s role within Southern Africa’s regional energy landscape.
