Zimbabwe Grants National Project Status to Invictus Energy’s Cabora Bassa Development
Invictus Energy Limited has achieved a major milestone as Zimbabwe’s Ministry of Finance prepares to grant National Project Status to the company’s 80%-owned Cabora Bassa Project. This designation will unlock significant fiscal and non-fiscal incentives including duty exemptions, expedited permitting, and streamlined access to critical infrastructure.
The company has successfully consolidated its Petroleum Production Sharing Agreement with the Petroleum Exploration Development and Production Agreement, creating a robust framework that meets international standards. This consolidation follows extensive cooperation with relevant government ministries to finalize terms.
Zimbabwe’s Finance Minister Mthuli Ncube emphasized the project’s national significance, stating that the government is working closely with Invictus to ensure a transparent and commercially sound agreement. The project is expected to deliver broad-based economic benefits, attract foreign investment, and create substantial employment opportunities.
Invictus Managing Director Scott Macmillan expressed strong encouragement from the government’s continued support and positive momentum toward finalizing agreements. The company remains on track with preparations for the Musuma-1 exploration well, scheduled to commence in the second half of 2025.
The company is actively progressing contracting and procurement of long-lead items and critical services in preparation for this crucial exploration phase.
Source: oilreviewafrica.com
