Harare — Zimbabwe’s energy sector has reached a major milestone following the successful completion of the Petroleum Production Sharing Agreement (PPSA) process for the Cabora Bassa Project, led by Invictus Energy, with formal execution expected in January 2026.
The conclusion of the PPSA establishes a clear, transparent and internationally competitive legal and fiscal framework for oil and gas development, providing long-sought certainty for investors and positioning Zimbabwe to advance exploration and commercialisation of its emerging hydrocarbon sector.
Invictus Energy said the PPSA is a critical enabler for the next phase of work in the Cabora Bassa Basin, which will include appraisal of the Mukuyu Gas Field following the Mukuyu-1 and Mukuyu-2 gas-condensate discoveries, as well as drilling of the Musuma-1 exploration well targeting a new play in the eastern part of the basin. The planned activities are expected to further de-risk the project and move it closer to commercial development.
The African Energy Chamber (AEC) welcomed the development, describing it as a strong signal of Zimbabwe’s commitment to building a credible and investor-friendly energy industry. The Chamber said Cabora Bassa has rapidly transitioned from a frontier basin to a proven and highly prospective asset, with the Mukuyu Gas Field alone estimated to contain up to 20 trillion cubic feet of gas and about 845 million barrels of conventional gas condensate, ranking it among the most significant recent discoveries in sub-Saharan Africa. The basin also hosts light oil and commercially viable helium resources.
AEC Executive Chairman NJ Ayuk said the completion of the PPSA demonstrates the importance of clear policy, transparent regulation and competitive fiscal terms in unlocking Africa’s energy potential and attracting large-scale investment.
Government support has been central to the project’s progress. In September 2025, the Cabora Bassa Project was granted National Project Status, unlocking fiscal incentives, duty exemptions, priority access to infrastructure and faster permitting. Authorities say the designation, together with the PPSA framework, strengthens Zimbabwe’s capacity to develop its gas resources in support of energy security, industrialisation and economic growth.
Investor confidence has already been reflected in new capital commitments. In August 2025, Qatar-based Al Mansour Holdings acquired a 19.9 percent stake in Invictus Energy and committed up to US$500 million in conditional funding to support the shift from exploration to production.
Early gas monetisation plans under consideration include a gas-to-power project for the Eureka Gold Mine, while longer-term proposals involve a dedicated Cabora Bassa power station capable of consuming up to 100 million cubic feet of gas per day, potentially easing Zimbabwe’s power supply constraints.
With formal execution of the PPSA imminent, stakeholders say the Cabora Bassa Basin is now positioned to move from promise to production, delivering energy, investment and long-term economic value for Zimbabwe and the wider region.
