Invictus Energy, an Australian company, signed a Petroleum Production Sharing Agreement (PPSA) on Wednesday (27) with the Government of Zimbabwe, in a move considered decisive for advancing the Cahora Bassa gas project, company officials reported.
During the signing ceremony held in Harare, Invictus CEO Scott Macmillan stated that the PPSA will adopt a hybrid model, allowing the State to choose between receiving a share of profits or a portion of the gas produced.
The Government of Zimbabwe, represented by several ministers including the Minister of Finance, signed the agreement with Geo Associates, a company majority-owned by Invictus Energy.
The company is preparing to drill its next exploration well, Musuma-1, in the second half of 2026, targeting estimated resources of 1.2 trillion cubic feet of gas and 73 million barrels of condensate, according to previously released company data.
In 2023, Invictus announced significant gas condensate discoveries in the Mukuyu field, potentially opening a new onshore oil and gas frontier in the country.
Commenting on the PPSA, Zimbabwe’s Finance Minister Mthuli Ncube said the agreement demonstrates the Southern African country’s determination to exploit its natural resources for the benefit of future generations.
