Govt gives oil project top priority status
Harare (New Ziana) – Exploration Company, Invictus Energy on Monday announced that its Muzarabani oil and gas prospect had been granted Priority Project Status by the Zimbabwe government in order to fast-track its development.
Invictus is currently exploring for oil and gas at its special grant in the Muzarabani area which it was awarded in August 2017.
Initial exploration work has already been completed and the company recently raised $1.5 million Australian dollars to fund further exploration activities on the project which has shown huge oil and gas potential.
In a statement, Invictus applauded the government for the long-standing support which has culminated in the awarding of the project priority status.
“Invictus Energy Limited is pleased to announce that the Company’s Cabora Bassa project at Muzarabani held through the Company’s 80 percent interest in Geo Associates (Private) Limited has been classified as a priority development project by the Office of the President and Cabinet of Zimbabwe,” it said.
“The Company’s 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 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.”
Invictus said the PSA would ensure that a predictable, stable and transparent legal and fiscal regime was put in place that is commensurate with terms in the region, follows international best practices and meets the country’s aspirations.
“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,” the company said.