Zimbabwe signs Cabora Bassa gas deal as Invictus plans Musuma-1 drilling

Zimbabwe signs Cabora Bassa gas deal as Invictus plans Musuma-1 drilling

For all the News from Mashonaland Central, Join One of Our Groups

Zimbabwe has signed a Petroleum Production Sharing Agreement (PPSA) for the Cabora Bassa gas project with Geo Associates (Private) Limited, a majority-owned unit of Australia’s Invictus Energy, in a deal both the company and Government described as a major step towards possible domestic gas development.

Invictus executives told Reuters the agreement is intended to support the next phases of work in the Cabora Bassa basin. At the signing ceremony in Harare, Invictus chief executive Scott Macmillan said the PPSA would be a hybrid model, meaning the state could choose between taking “a portion of the profits or a portion of the gas eventually produced”.

Reuters reported that Zimbabwe was represented by several cabinet ministers, including Finance Minister Mthuli Ncube.

In ministerial remarks issued at the ceremony, Ncube said the agreement demonstrated Zimbabwe’s commitment to developing its natural resources, while also pushing for wider economic gains. “Our objective extends beyond extraction—we seek value creation, industrialisation, employment generation, and broad-based national prosperity,” he said.

Ncube added that Government aims to maintain “a stable and predictable economic environment” to encourage investment, and said projects of this nature could support infrastructure development, stimulate local supply chains and generate employment.

To Advertise Inbox Us

Remarks prepared for the Minister of Energy and Power Development, and delivered on his behalf by Deputy Minister Yeukai Simbanegavi, framed the PPSA as part of efforts to strengthen energy security. The speech said domestic gas development could help diversify Zimbabwe’s energy mix and reduce dependence on imported fuels.

The energy ministry statement also said domestic production could reduce exposure to global supply chain disruptions and geopolitical shocks, and help cushion the economy from international price volatility.

Invictus has previously said it 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 has also pointed to earlier exploration results in the area. In 2023, Invictus declared large gas condensate discoveries at its Mukuyu gas field, which it said could open a new inland oil and gas frontier in Zimbabwe.

While the agreement and speeches highlight expected benefits such as jobs, skills development and opportunities for local suppliers, Government officials said continued collaboration among investors, communities and industry stakeholders would be important as implementation moves forward.

Follow Our WhatsApp Channel for all the News from Mashonaland Central – Bindura, Mbire, Guruve, Mount Darwin, Rushinga, Shamva, Mazowe & Muzarabani