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Australia's Invictus Energy signed a petroleum production sharing agreement (PPSA) with Zimbabwe on Wednesday, a key step as it looks to advance its Cabora Bassa gas project, company executives said. The signing took place during a ceremony in Harare attended by several Zimbabwean cabinet ministers.
At the signing ceremony in Harare, Invictus CEO Scott Macmillan said the PPSA would be a hybrid model which meant the state could choose between taking a portion of the profits or a portion of the gas eventually produced. This flexible arrangement gives Zimbabwe options for benefiting from the gas project.
Zimbabwe, represented by several cabinet ministers including the finance minister, signed the agreement with Geo Associates, a majority-owned unit of Invictus Energy. The agreement formalizes the partnership between the Australian company and the Zimbabwean government for gas development.
Invictus is preparing to drill its next Musuma-1 exploration well in the second half of 2026, targeting 1.2 trillion cubic feet of gas and 73 million barrels of condensate resource, the company said previously. This exploration well represents the next critical phase in developing the Cabora Bassa gas field.
In 2023, Invictus declared large gas condensate discoveries at its Mukuyu gas field, potentially opening up a new inland oil and gas frontier in Zimbabwe. The earlier discoveries demonstrated the significant resource potential in the region.
Welcoming the PPSA, Zimbabwe's finance minister, Mthuli Ncube, said the agreement was proof the Southern African country is determined to unlock its natural resources for future generations. The minister's statement underscores the government's commitment to developing its energy sector.
