Zimbabwe Grants National Project Status to Invictus Energy’s Cabora Bassa
The Cabora Bassa Project by Invictus Energy Ltd has received National Project Status from Zimbabwe Finance Minister Mthuli Ncube, following constructive meetings that finalized terms of the Petroleum Production Sharing Agreement (PPSA), now being prepared for execution.
National Project Status is reserved for projects deemed of strategic importance to the country and considered critical to Zimbabwe’s economic growth and development. The designation provides a range of fiscal and non-fiscal incentives, including duty exemptions, fast-tracked permitting and streamlined access to key infrastructure and services as the project moves toward development.
“Agreement of the PPSA terms and the granting of National Project Status represent two pivotal milestones for Invictus and the Cabora Bassa Project,” said Invictus Managing Director Scott Macmillan. “The PPSA provides the stable and transparent framework required to progress development, while NPS delivers tangible fiscal benefits to reduce costs and accelerate execution.”
Finance Minister Ncube emphasized the government’s commitment to the project: “The Government of Zimbabwe recognizes the economic, energy security and social opportunity Cabora Bassa presents. We are pleased to be working closely with Invictus Energy through its recent strategic partnership with Al Mansour Holdings and to finalize the PPSA to ensure a transparent, fair and commercially sound agreement that benefits the people of our nation.”
The recognition underscores the strategic importance of the discovery and its potential to transform Zimbabwe’s energy landscape. The government has demonstrated strong commitment to fostering a competitive and attractive investment environment for energy development.
Source: oilreviewafrica.com
