Australia’s Invictus Energy signed a petroleum production sharing agreement (PPSA) with Zimbabwe this Wednesday, a key step as it looks to advance its Cabora Bassa gas project, company executives said.
At the signing ceremony in Harare, Invictus Chief Executive Officer Scott Macmillan said the PPSA would be a hybrid model which meant the state could choose between taking a portion of the profits or a portion of the gas eventually produced.
Zimbabwe, represented by several cabinet Ministers including the Finance Minister, signed the agreement with Geo Associates, a majority-owned unit of Invictus Energy.
Invictus is preparing to drill its next Musuma-1 exploration well in the second half of 2026, targeting 1.2 trillion cubic feet of gas and 73 million barrels of condensate resource, the company said previously.
In 2023, Invictus declared large gas condensate discoveries at its Mukuyu gas field, potentially opening up a new inland oil and gas frontier in Zimbabwe.
Welcoming the PPSA, Zimbabwe’s Finance Minister, Mthuli Ncube, said the agreement was proof the Southern African country is determined to unlock its natural resources for future generations.
–Reuters–
