HARARE – Zimbabwe has formally gazetted the Petroleum Production Sharing Agreement (PPSA) governing Invictus Energy’s Cabora Bassa project, completing a key regulatory step towards the potential development of the country’s emerging petroleum industry.
The agreement was published in the Government Gazette on October 30 under General Notice 2101 of 2026, establishing the long-term fiscal, legal and commercial framework for exploration, appraisal, development and production of petroleum resources in the basin.
The Zimbabwe Mail, reporting from a statement issued by Invictus Energy on November 2, said the gazettal completes the formal execution requirements following the agreement’s signing in Harare in May between the Government of Zimbabwe, Invictus and its 80%-owned subsidiary, Geo Associates (Private) Limited, which holds the licence.
The framework is intended to provide greater certainty for investors, strategic partners and financiers considering the substantial capital required to advance the project, including the appraisal of the Mukuyu gas-condensate discovery and the development of supporting infrastructure.
Invictus managing director Scott Macmillan described publication of the agreement as a landmark milestone, saying it provides the long-term certainty needed to move Mukuyu towards appraisal, development and potential commercial production.
He said the company would use the framework to engage prospective strategic and financing partners as it advances the next phase of the project.
Under the agreement, the Government is expected to share in the economic benefits of successful petroleum production through agreed production and profit-sharing arrangements, alongside applicable royalties and corporate taxes. The PPSA also provides for environmental management, decommissioning, site restoration and compliance with Zimbabwean laws and regulatory standards.
Invictus holds interests in a 360,000-hectare exploration portfolio in the Cabora Bassa Basin, which includes the Mukuyu gas-condensate discovery and other exploration prospects.
The company said its immediate priorities include the planned Musuma-1 exploration well and progressing the appraisal and commercialisation pathway for Mukuyu.
The gazettal is an important step in establishing the contractual foundations for petroleum investment in Zimbabwe. However, commercial production will depend on further exploration, technical appraisal, financing and the development of the necessary infrastructure.
