Published: 3 hours ago

Invictus Energy's flagship Cabora Bassa Project has been granted National Project Status (NPS) and secured a Petroleum Production Sharing Agreement (PPSA), positioning Zimbabwe as a rising player in Africa's oil and gas sector.

The approvals bring major fiscal and non-fiscal incentives, including duty exemptions, fast-tracked permits, and streamlined infrastructure access, paving the way for commercial gas production. NPS designation is reserved for projects deemed strategically important to national economic growth.

The milestone follows a binding agreement between Invictus and Qatar-linked Al Mansour Holdings (AMH), led by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani. AMH will acquire a 19.9 percent equity stake in Invictus and inject up to US$500 million in future financing to advance the Cabora Bassa Project.

Together, Invictus and AMH have launched Al Mansour Oil & Gas (AMOG), a new upstream company targeting producing and near-term development assets across Africa.

Invictus Managing Director Scott Macmillan described the developments as "two pivotal milestones" for both the company and the country. "The PPSA provides the stable and transparent framework required to progress development, while NPS delivers tangible fiscal benefits to reduce costs and accelerate execution," he said. "This recognition underscores the strategic importance of our discovery and its potential to transform Zimbabwe's energy landscape."

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube reaffirmed the government's commitment to a transparent and commercially sound agreement. "We are pleased to work closely with Invictus Energy through its partnership with Al Mansour Holdings and to finalise the PPSA to ensure a fair agreement that benefits the people of our nation," he said. "The government remains 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."
- The Chronicle