Invictus Energy, an independent upstream oil and gas company, has moved closer to commercializing its flagship Zimbabwe gas development after signing a petroleum production sharing agreement with the Zimbabwean government for the Cabora Bassa Basin project.

The agreement represents a critical regulatory step for the company as it advances exploration activities in northern Zimbabwe, a region increasingly attracting investor attention for its untapped hydrocarbon potential.

Under the hybrid production-sharing framework, the Zimbabwean government will have the option of receiving either a share of future gas output or a portion of project profits, according to Invictus Chief Executive Officer Scott Macmillan during the signing ceremony in Harare.

Zimbabwe’s Finance Minister Mthuli Ncube described the agreement as evidence of the country’s push to unlock strategic natural resources and strengthen long-term economic growth.

*Scott Macmillan, Invictus Chief Executive Officer*

Musuma-1 well targets major gas resource

Invictus is preparing to drill the Musuma-1 exploration well in the second half of 2026, targeting an estimated 1.2 trillion cubic feet of gas and 73 million barrels of condensate.

The Cabora Bassa Basin, located near Zimbabwe’s border with Mozambique, has long drawn industry interest because of its geological similarities to prolific rift basin hydrocarbon systems across Africa.

Since acquiring the project in 2018, Invictus has accelerated exploration activity, including the acquisition of more than 1,400 kilometers of 2D seismic data and the drilling of two wildcat wells.

Those efforts led to the Mukuyu gas-condensate discovery in late 2023, a find later recognized by Wood Mackenzie as Sub-Saharan Africa’s second-largest oil and gas discovery that year.

Strategic backing strengthens commercial outlook

Invictus Energy Limited, Australia listed independent upstream oil and gas company, controls an 80% operating interest across approximately 360,000 hectares in the Cabora Bassa Basin through its subsidiary Geo Associates.

The company is also backed by strategic investors, including Al-Mansour Holdings, whose financial support is expected to help accelerate development and commercialization plans.

With regional demand for cleaner transition fuels rising, Zimbabwe’s emerging gas sector could become an increasingly important part of Southern Africa’s future energy mix while positioning Invictus among the continent’s frontier exploration players.