Invictus Energy Ltd. has announced the successful completion of the petroleum production sharing agreement (PSA) process for its Cabora Bassa project in Zimbabwe, marking a major regulatory milestone that clears the path for the next phase of exploration and appraisal in the basin.
The company said the PSA is expected to be formally executed in January, providing Invictus with a stable legal and fiscal framework to advance its planned work programme. According to Invictus, the agreement establishes an internationally competitive structure for petroleum operations in Zimbabwe, creating greater certainty for long-term investment.
With the PSA process now concluded, Invictus plans to proceed with appraisal activities at the Mukuyu gas field, following the Mukuyu-1 and Mukuyu-2 gas-condensate discoveries. The company also intends to drill the Musuma-1 exploration well, which will test a new geological play in the eastern portion of the Cabora Bassa basin.
Invictus Managing Director Scott Macmillan described the development as a significant step toward eventual project development.
“We are very pleased to have concluded the Petroleum Production Sharing Agreement process and to have a competitive and comprehensive framework in place to govern the future development of the Cabora Bassa project,” Macmillan said.
The company emphasised that finalizing the PSA is a critical enabler for continued investment, development planning, and the advancement of exploration and appraisal activities across the basin.
The Government of Zimbabwe also underscored the importance of the agreement for the country’s emerging oil and gas sector. Finance Minister Professor Mthuli Ncube said the completion of the process reflects Government’s commitment to creating a stable and transparent regulatory environment.
“The Republic of Zimbabwe is pleased to have completed this important process to implement a stable and transparent legal and fiscal regime to govern the nascent oil and gas industry in the country that benefits investors and the people of our nation,” Ncube said.
