en.Wedoany.com Reported - Geo Associates (Pvt) Ltd, 80% owned by Invictus Energy Ltd, has officially signed a Petroleum Production Sharing Agreement with the Government of the Republic of Zimbabwe.
Geo Associates remains the operator and holder of Zimbabwe Special Grant 4571, which covers the Mukuyu condensate gas discovery. The signing ceremony was held in Harare, attended by Geo Associates and senior representatives of the Zimbabwean government. The Petroleum Production Sharing Agreement was signed on behalf of the Republic of Zimbabwe by Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube, Minister of Mines and Mining Development Engineer Polite Kambamura, and Minister of Energy and Power Development July Moyo.
Invictus CEO and Managing Director Scott Macmillan stated that the execution of this agreement is a milestone moment for the Cabora Bassa Project and the broader development of Zimbabwe's oil and gas industry. The PPSA establishes a transparent and globally competitive framework, providing long-term certainty for all stakeholders while laying the foundation for accelerating development activities across the entire basin. Through a partnership structure, the agreement unifies the interests of Geo Associates, Invictus Energy, One Gas Resources, the Republic of Zimbabwe, and the Mutapa Investment Fund, aiming to unlock the full value of the Cabora Bassa Project for shareholders and the people of Zimbabwe. With this framework in place, the company is fully advancing the next phase of exploration, appraisal, and development activities, including the upcoming Musuma-1 exploration well.
Kambamura stated that the execution of the PPSA marks a decisive milestone in the development of Zimbabwe's petroleum industry, reflecting significant progress in establishing the foundation for a sustainable upstream oil and gas sector. The Cabora Bassa Project has already demonstrated the basin's potential through the Mukuyu gas discovery, and the government is committed to supporting the continued exploration and appraisal of this strategic national resource. The agreement balances investor confidence with national participation and creates long-term value for the country.
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