New Era on the Horizon for Zim’s Energy Sector as Invictus Oil and Gas Agreement Imminent
By Kwedu News
A new era is looming in the Zimbabwean energy sector with Australia based Invictus Energy Limited on the verge of finalizing an oil and gas production sharing agreement with the Southern African country’s government, Kwedu News has learnt.
The landmark agreement is expected to provide a stable, transparent and fiscal framework for the exploration and production of oil and gas in Zimbabwe.
According to Invictus, the agreement is designed to ensure a fair and equitable sharing of value generated from the Cabora Bassa project between the government, Invictus, and its partners.
“The petroleum production sharing agreement represents a key step in ensuring the long-term success of the company’s operations and contributing positively to the development of the region’s energy sector,” said Invictus Managing Director, Scott Macmillan.
The agreement has undergone a rigorous review process, with external European legal counsel providing an independent assessment.
“Completion of the petroleum production sharing agreement review by external independent counsel is a significant milestone for Invictus and underscores the company’s commitment to adhering to international best practices and fostering robust partnerships with host governments,” Macmillan said
Invictus is currently operating the Cabora Bassa project in the Muzarabani District of the Mashonaland Central Province, where it has made significant discoveries, including an estimated 184 million barrels of potential oil.
“With the petroleum production sharing agreement execution imminent, we look forward to progressing our exploration and production efforts and delivering long-term value for our shareholders,” Macmillan added.
