Office of the President and Cabinet has classified oil exploration project at Muzarabani in the as a priority development project for Zimbabwe to be implemented under 100 Day Cycle according to an announcement by the explorer in the Caborra Bassa, Invictus Energy Limited.
Invictus has been exploring for the Muzarabani area in search of oil and gas.
“The Company’s (Invictus) Cabora Bassa project has been classified as one of the key projects within Zimbabwe that can provide a significant economic benefit to the economy in pursuit of the vision of becoming a Middle Income Economy by 2030,” the company says.
“The board is encouraged by the strong support being offered by the Government of Zimbabwe to fast track the Cabora Bassa project to achieve a number of outcomes including the finalisation of a Production Sharing Agreement (PSA) with the Republic of Zimbabwe. The PSA will ensure that a predictable, stable and transparent legal and fiscal regime is put in place that is commensurate with terms in the region, follows international best industry practice and meets the country’s aspirations.”
Interest in the Cabora Bassa project grew after findings pointed positively to oil and gas deposits in the Muzarabani area with players in the industrial sector engaging with Invictus on gas.
The explorer entered into a non-binding Memorandum of Understanding (MOU) with Sable Chemical Industries to progress gas supply from the Cabora Bassa Project to be used in the production of fertilizer.
Invictus also signed another non-binding Memorandum of Understanding (MoU) with Tatanga Energy (Private) Limited to progress supply for around 500 megawatts (MW) Gas to Power plant in the event of a commercial gas discovery from Muzarabani.
The two MOUs also involves also a third player One-Gas Resources (Pvt) Limited which holds 20% interests in the Cabora Bassa project.
The Government of Zimbabwe has always worked with and facilitated Invictus which is quoted on the Australian Stock Exchange to undertake oil and gas exploration studies in Muzarabani according to President Emmerson Mnangagwa.
“Invictus and One-Gas Resources look forward to working in conjunction with the Office of the President and Cabinet and the Zimbabwe Ministry of Mines and Mining Development and other
Ministries to progress the Cabora Bassa project to ensure that key outcomes are delivered during this period,