Invictus Energy set to ramp up Zimbabwe oil and gas hunt

Invictus Energy is preparing to accelerate development of its large Cabora Bassa oil and gas project in Zimbabwe following government approval of a Petroleum Production Sharing Agreement (PPSA).The company's upcoming work programme includes the appraisal of the world-class Mukuyu gas field and the drilling of the Musuma-1 exploration well, designed to unlock a significant new play in the eastern portion of the basin.Current estimates suggest the Mukuyu gas field has a gross mean unrisked conventional potential of 20 trillion cubic feet (Tcf) of gas and 845 million barrels of condensate, totalling around 4.3 billion barrels of oil equivalent (BOE).Following the drilling of the Mukuyu-1 and Mukuyu-2 gas-condensate discoveries, leading international energy research firm Wood Mackenzie named Mukuyu as the second largest sub-Saharan Africa discovery of 2023.Framework in place“We are very pleased to have concluded the Petroleum Production Sharing Agreement process and to have a competitive and comprehensive framework in place to govern the future development of the Cabora Bassa project," Managing Director, Scott Macmillan, said."The completion of the PPSA process is a critical enabler for ongoing investment, development planning, and the advancement of exploration and appraisal activities across the basin."Invictus has settled on Musuma-1 as the first high-impact exploration well to be drilled outside the Mukuyu gas-condensate discovery area.Initial estimates are that the Musuma-1 location could contain as much as 1.2 trillion cubic feet (Tcf) of gas and 73 million barrels condensate.Energy securityZimbabwe's Minister of Finance, Professor Mthuli Ncube, said the government has recognised the economic and energy security opportunity Cabora Bassa presents.“The Republic of Zimbabwe is pleased to have completed this important process to implement a stable and transparent legal and fiscal regime to govern the nascent oil and gas industry in the country, which benefits investors as well as the people of our nation."