Australian company Invictus Energy plans to merge two agreements with Zimbabwe's government to speed up oil project development after recent discoveries. The company will combine its existing exploration agreement with its production sharing agreement. This change aims to make administration easier for the Cabora Bassa Project located in the Muzarabani district. The unified agreement creates a stable legal framework for gas operations in Zimbabwe.
Invictus board members recently visited Zimbabwe, where they met government officials, local leaders, investors, and potential partners. During these meetings, everyone agreed to combine both agreements into one document. The company believes this decision improves the regulatory structure of their project despite changing original timelines. Zimbabwe's president has ordered officials to finalize the new agreement quickly, showing strong support for the project.
The announcement comes as Invictus found another major gas resource at its Musuma-1 well. This marks their second discovery following the earlier Mukuyu find. The Musuma-1 site targets new resources in the eastern part of their licensed area. According to company estimates, the prospect contains about 1.2 trillion cubic feet of gas and 73 million barrels of condensate.
Invictus board members recently visited Zimbabwe, where they met government officials, local leaders, investors, and potential partners. During these meetings, everyone agreed to combine both agreements into one document. The company believes this decision improves the regulatory structure of their project despite changing original timelines. Zimbabwe's president has ordered officials to finalize the new agreement quickly, showing strong support for the project.
The announcement comes as Invictus found another major gas resource at its Musuma-1 well. This marks their second discovery following the earlier Mukuyu find. The Musuma-1 site targets new resources in the eastern part of their licensed area. According to company estimates, the prospect contains about 1.2 trillion cubic feet of gas and 73 million barrels of condensate.
