Zimbabwe’s energy sector is entering a decisive new phase 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 process establishes a clear, transparent and internationally competitive legal and fiscal framework – providing the certainty required to advance investment, exploration and development in the country’s emerging oil and gas sector.
For Invictus Energy, the PPSA marks a critical enabler for the next phase of its high-impact work program across the Cabora Bassa Basin. Planned activities include the appraisal of the Mukuyu Gas Field, following the Mukuyu-1 and Mukuyu-2 gas-condensate discoveries, as well as the drilling of the Musuma-1 exploration well, designed to test a new play in the eastern portion of the basin. Together, these activities are expected to further de-risk the asset and advance the basin toward commercial development.
The African Energy Chamber (AEC), as the voice of Africa’s energy sector, welcomes this milestone as a clear demonstration of Zimbabwe’s commitment to building a credible and investor-friendly energy industry. The Cabora Bassa Basin has rapidly evolved from a frontier exploration area into a proven and highly prospective basin. The Mukuyu Gas Field alone is estimated to hold up to 20 trillion cubic feet of gas and 845 million barrels of conventional gas condensate, placing it among the most significant sub-Saharan African discoveries in recent years. In addition, the basin hosts light oil and commercially attractive helium concentrations, further enhancing its strategic value.
“Completion of the Cabora Bassa PPSA process is a landmark moment for Zimbabwe and for African energy more broadly,” states NJ Ayuk, Executive Chairman of the AEC. “It shows that when governments put in place clear policy, transparent regulation and competitive fiscal terms, Africa can unlock its resources and attract investment at scale.”
The Government of Zimbabwe has played a central role in advancing the project. In September 2025, Cabora Bassa was granted National Project Status, a designation that provides fiscal incentives, duty exemptions, priority access to infrastructure and expedited permitting. Combined with the PPSA framework, this creates a compelling environment for long-term investment and positions Zimbabwe to responsibly develop its natural gas resources in support of energy security, industrialization and economic growth.
Investor confidence in the project is already materializing. In August 2025, Qatar-based Al Mansour Holdings acquired a 19.9% stake in Invictus Energy and committed up to $500 million in conditional funding to support the transition from exploration to commercial production. Looking ahead, early gas monetization plans – including a proposed gas-to-power project for the Eureka Gold Mine – illustrate how Cabora Bassa gas could be leveraged to deliver immediate domestic benefits once production begins. Longer-term plans under consideration include a dedicated Cabora Bassa power station capable of supplying up to 100 million cubic feet of gas per day, reinforcing the project’s role in strengthening Zimbabwe’s power supply.
For the AEC, the Cabora Bassa PPSA sends a strong signal to global markets. It demonstrates that African gas resources can be developed responsibly, competitively and in alignment with development priorities when governments and investors work in partnership. As formal execution of the agreement approaches, Zimbabwe and Invictus Energy are well positioned to move the Cabora Bassa Basin from promise to production – delivering reliable energy, attracting capital and creating long-term value for the country and the wider region.
“Cabora Bassa is a clear example of Africa’s next gas frontier being realized today,” adds Ayuk. “The Chamber fully supports Zimbabwe on this journey and looks forward to the transformative impact this project will have for years to come.”
