Invictus Energy Secures National Project Status for Zimbabwe Gas Venture

Strategic Recognition for Cabora Bassa

Invictus Energy Ltd has achieved a pivotal milestone with its flagship Cabora Bassa Project in Zimbabwe being granted National Project Status (NPS) by the country's Finance Minister, Hon. Prof Mthuli Ncube. This designation underscores the project’s strategic importance to Zimbabwe’s national interests, particularly in energy security and economic development.

The NPS status is more than symbolic; it unlocks a suite of fiscal and non-fiscal benefits designed to streamline the project’s path to commercialisation. These include duty exemptions, expedited permitting processes, and improved access to critical infrastructure, all crucial for reducing costs and accelerating timelines in the capital-intensive oil and gas sector.

Finalising the Framework for Development

Alongside the NPS grant, Invictus has agreed on the terms of a Petroleum Production Sharing Agreement (PPSA) with the Zimbabwean government, which is now being prepared for formal execution. The PPSA provides a transparent and stable legal framework that defines the sharing of production and revenues, giving Invictus the certainty needed to advance development plans confidently.

Managing Director Scott Macmillan highlighted the significance of these developments, noting that the PPSA and NPS together create a robust platform to transform the Mukuyu gas-condensate discovery into a commercially viable operation. This is a critical step in realising the project’s potential to contribute meaningfully to Zimbabwe’s energy landscape.

Strengthened by Strategic Partnership

This announcement follows Invictus’ recent strategic partnership with Al Mansour Holdings, a Qatari investment group led by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani. The partnership not only brings financial strength but also regional expertise, positioning Invictus to better navigate the complexities of developing a major energy project in sub-Saharan Africa.

The Zimbabwean government has expressed strong support for the project, emphasizing its potential to drive economic growth, enhance energy security, and create social opportunities. The collaboration between Invictus, its new partners, and the government signals a shared commitment to unlocking the country’s untapped gas resources.

Looking Ahead

With the PPSA terms agreed and National Project Status secured, Invictus is poised to move into the development phase of the Cabora Bassa Project. The coming months will be critical as the final agreement is executed and detailed development plans are advanced. Investors and stakeholders will be watching closely to see how these milestones translate into tangible progress on the ground.