Spread This NewsBy Alois VingaINVICTUS Energy, the Australian company developing and exploring gas deposits in northern Zimbabwe, is set to be awarded the National Project status for its Cabora Bassa venture.The Cabora Bassa project is a significant oil and gas exploration project in Zimbabwe’s Cabora Bassa basin, which aims to unlock the basin’s potential for natural gas and condensate, with the Mukuyu gas field being a key focus.Invictus is also working towards pilot production, including a gas-to-power project for the Eureka Gold Mine, and is also exploring potential for regional gas markets.Presenting a quarterly report this week, Invictus Energy announced the possibility of being awarded a National Project status.“In June the Zimbabwe Minister of Finance identified the Cabora Bassa Project as one in line for receiving National Project Status (NPS) – a significant milestone for the company. Once formalised, the NPS would recognise the project’s potential to generate broad-based economic benefits, attract foreign investment, and create employment opportunities,” said the company.Invictus is currently finalising formalities required for the official granting of NPS, which will unlock a range of fiscal and non-fiscal incentives, including duty exemptions, expedited permitting, and streamlined access to critical infrastructure and services.As a gesture of appreciation for the Invictus Energy potential, the Mutapa Investment Fund (MIF) recently injected US$5 million to accelerate the project’s exploration activities, including flow testing, drilling, and seismic surveys, as Invictus transitions from exploration to development.During the quarter, Invictus Energy continued to progress discussions with a number of prospective farm-in and strategic partners for participation in the future development of the Cabora Bassa Project. These parties include established industry operators and investment groups with the capacity to provide both strategic capital and substantial technical and operational capabilities.Their expertise aligns with the Company’s forward program, which aims to unlock a new resource base through high-impact exploration while advancing the appraisal and potential commercialisation of the Mukuyu gas field.
Originally published on New Zimbabwe
Source: Newzimbabwe
