Invictus Energy Secures Production Sharing Agreement for Zimbabwe’s Cabora Bassa Basin

Australian-based organisation, Invictus Energy, has signed a Petroleum Production Sharing Agreement (PSA) with the Government of Zimbabwe, marking a major step forward for the commercial development of the Cabora Bassa Basin and the country’s emerging upstream hydrocarbons sector.

The agreement, announced on Thursday, was executed through Geo Associates, Invictus Energy’s Zimbabwean subsidiary, which holds an 80% interest in Special Grant 4571. The PSA establishes the framework for exploration, appraisal, field development, production and commercialisation activities across the acreage, replacing the exploration and development agreement originally signed with the government in March 2021.

The new agreement is widely viewed as a significant milestone for both the Cabora Bassa project and Zimbabwe’s broader ambitions to build a domestic oil and gas industry.

Invictus Energy Managing Director and Chief Executive Officer Scott Macmillan described the agreement as a pivotal moment for the company’s flagship Zimbabwean asset, noting that it creates a clear pathway towards commercial development and reinforces long-term investment certainty for the basin.

Zimbabwe’s Minister of Mines and Mining Development, Polite Kambamura, said the PSA reflects growing momentum in establishing the policy and regulatory foundations needed to support a sustainable upstream petroleum industry in the country.

Invictus confirmed that the Cabora Bassa project has been granted National Project and Special Economic Zone status, bringing a range of fiscal and non-fiscal incentives designed to streamline equipment imports and support faster project execution. The incentives are expected to improve capital efficiency as the company advances drilling and appraisal activities.

Attention will now turn to the planned Musuma-1 exploration well, scheduled for the second half of 2026. The prospect is targeting estimated gross resources of 34 billion cubic metres of natural gas — equivalent to roughly 1.2 trillion cubic feet — alongside approximately 73 million barrels of condensate.

Invictus Energy remains focused on unlocking the hydrocarbon potential of the Cabora Bassa Basin, where previous drilling at Mukuyu confirmed gas-condensate discoveries and strengthened the basin’s commercial potential. The latest PSA provides a clearer regulatory and fiscal platform as Zimbabwe positions itself to attract further upstream investment and advance new domestic energy production.

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