Zimbabwe signs its first petroleum production sharing agreement with Invictus Energy

Zimbabwe’s energy sector is experiencing growth following a successful partnership with an Australian company. In a recent official signing ceremony held in Harare, Zimbabwean officials and executives from Invictus Energy finalised a petroleum production sharing agreement (PPSA) for the Cabora Bassa Basin.

This agreement, which is Zimbabwe’s first PPSA, focuses on developing the Mukuyu gas discovery, which contains natural gas, light oil condensate, and helium.

This significant agreement represents a crucial step toward leveraging the country’s extensive hydrocarbon resources. Both parties are committed to establishing a strong and transparent framework that aims to deliver long-term benefits for all stakeholders involved.

Speaking at the signing ceremony, Scott Macmillan, the Managing Director of Invictus, highlighted the significance of the agreement, stating, “The PPSA establishes a robust, transparent and globally competitive framework that provides long-term certainty for all stakeholders, while creating a strong foundation to accelerate development activities across the basin.”

Preparations are now underway for Invictus Energy to commence drilling at its Musuma-1 exploration well, which is scheduled for the latter half of 2026. The well aims to tap into a significant reserve estimated at 1.2 trillion cubic feet of gas alongside 73 million barrels of condensate resource. This ambitious project not only promises to advance Zimbabwe’s energy sector but also reinforces the country’s strategic goals to attract foreign investment and stimulate broader economic growth.