Highlights

• Petroleum Production Sharing Agreement (“PPSA”) executed between Geo Associates (Pvt) Ltd and the Republic of Zimbabwe
• PPSA establishes a robust legal, fiscal and operational framework governing the Cabora Bassa Project through exploration, appraisal, development and production
• Agreement covers key fiscal and non-fiscal incentives including National Project Status (“NPS”) and Special Economic Zone (“SEZ”) status Provides investment protection, contract stability and development support mechanisms aimed at reducing Cabora Bassa development costs and accelerating project timelines 
• Framework provides Zimbabwe and its citizens with direct participation in project product/profit in addition to royalties and corporate taxes, creating a balanced and aligned development structure 
• Mutapa Investment Fund participation formally enshrined within the framework, aligning sovereign, investor and project stakeholder interests 
• Company progressing preparations for the high impact Musuma-1 exploration well targeted to spud in H2 2026

Petroleum Production Sharing Agreement signing ceremony with (left to right) Invictus CEO Scott Macmillan, Minister of Finance Hon. Mthuli Ncube, Minister of Mines Hon. Hon. Eng Polite Kambamura, Deputy Minister of Finance Hon. David Mnangagwa  

Invictus Energy announces that Geo Associates has executed the Petroleum Production Sharing Agreement (“PPSA”) with the Republic of Zimbabwe. Geo Associates is 80% owned by Invictus and the operator and holder of Special Grant 4571 in Zimbabwe containing the Mukuyu gas-condensate discovery. The occasion was marked by a formal signing ceremony in the nation’s capital Harare, attended by senior representatives of Geo Associates and the Governement of the Republic of Zimbabwe. The PPSA was executed by the Minister of Finance, Economic Development and Investment Promotion Hon. Mthuli Ncube, Minister of Mines and Mining Development, Hon. Engineer Polite Kambamura and Minister of Energy and Power Development, Hon. July Moyo on behalf of the Republic of Zimbabwe. 

Invictus CEO and Managing Director Scott Macmillan commented: 
“Execution of the Petroleum Production Sharing Agreement represents a landmark milestone for both the Cabora Bassa Project and the broader development of Zimbabwe’s oil and gas industry. 

“The PPSA establishes a robust, transparent and globally competitive framework that provides longterm certainty for all stakeholders, while creating a strong foundation to accelerate development activities across the basin. 

“Importantly, the agreement aligns the interests of Geo Associates, Invictus Energy, One Gas Resources, the Republic of Zimbabwe and the Mutapa Investment Fund in a genuine partnership structure designed to unlock the full value of the Cabora Bassa Project for our shareholders and the people of Zimbabwe. 

“With this critical framework now in place, the Company is firmly focused on advancing the next phase of exploration, appraisal and development activities, including the upcoming high impact Musuma-1 exploration well.” 

The Minister of Finance, Economic Development and Investment Promotion Hon. Mthuli Ncube commented: 
“The execution of this agreement demonstrates Zimbabwe’s commitment to establishing a stable, transparent and internationally competitive investment framework capable of supporting large-scale strategic oil and gas developments. 

“The Cabora Bassa Project has the potential to become transformational for Zimbabwe through energy security, industrial development, employment creation and broader economic growth. 

“This agreement creates a balanced and aligned framework that supports investor confidence while ensuring that Zimbabwe and its citizens directly participate in the long-term success of the project.” 

The Minister of Mines and Mining Development, Hon. Engineer Polite Kambamura commented: 
“The execution of the PPSA marks a defining milestone in the advancement of Zimbabwe’s petroleum sector and reflects the significant progress made in establishing the foundations for a sustainable upstream oil and gas industry. 

“The Cabora Bassa Project has already demonstrated the vast potential of the basin through the Mukuyu gas discovery, and the Government remains committed to supporting the continued exploration and appraisal of this strategic national resource. 

“Through this agreement, Zimbabwe has established a framework that balances investor confidence with national participation and long-term value creation for the country.” 

Chief Executive Officer of the Mutapa Investment Fund, Dr John Mangudya, commented: 
“Mutapa Investment Fund is pleased to formalise its participation within the framework supporting development of the Cabora Bassa Project, which represents a strategically important national infrastructure and energy initiative for Zimbabwe. 

“The Fund’s investment reflects our confidence in the long-term potential of the project and our commitment to supporting transformative investments capable of delivering broad-based economic growth and national development outcomes. 

“We believe the alignment created through this agreement positions all stakeholders to work collaboratively toward the timely and successful development of Zimbabwe’s emerging petroleum industry.” 

Petroleum Production Sharing Agreement highlights 

The PPSA establishes a comprehensive and enabling framework to govern petroleum operations across the full lifecycle of the Cabora Bassa Project, spanning exploration, appraisal, development, production and commercialisation activities. 

The PPSA supercedes the Petroleum Exploration Development and Production Agreement (PEDPA) previosly executed with the Republic of Zimbabwe in March 2021.

Importantly, the agreement incorporates a suite of fiscal and non-fiscal incentives designed to support the efficient and accelerated development of the project, including the granting of National Project Status (“NPS”) and Special Economic Zone (“SEZ”) status, investment protection and contract stability provisions.  

These incentives are aimed at enhancing project economics, reducing development costs, facilitating importation of critical equipment and services and accelerating development timelines. 

The framework also provides for Zimbabwe and its citizens to participate directly in the economic success of the project through an agreed share of project product/profit in addition to existing royalty and corporate taxation arrangements, creating a balanced and mutually beneficial development structure for all stakeholders. 

The PPSA further formalises participation of the Mutapa Investment Fund (the Sovereign Wealth Fund of Zimbabwe), which is already a significant shareholder in Invictus Energy.  

Mutapa’s inclusion within the framework aligns the interests of the Government of Zimbabwe, local stakeholders and Invictus Energy toward rapid and coordinated development of the Cabora Bassa Project.

KeyFacts Energy: Invictus Energy Zimbabwe country profile