- Invictus Energy has secured a three-year renewal of Exclusive Prospecting Orders 1848 and 1849 in Zimbabwe’s Cabora Bassa Basin
- The acreage, which hosts the Mukuyu gas field, is estimated to contain up to 2.9 trillion cubic feet of gas and 1.2 billion barrels of oil in prospective resources
- Backed by the state-run Mutapa Investment Fund, the project could help ease Zimbabwe’s chronic power shortages, diversify its energy mix, and integrate the country into Southern Africa’s gas and power networks in the long term
Harare - Invictus Energy has secured a three-year extension of its exploration licences in Zimbabwe’s Cabora Bassa Basin, paving the way for drilling a high-impact well that could unlock more than a trillion cubic feet of gas and bolster the country’s energy ambitions.
The Australian-listed explorer confirmed the Mining Affairs Board of Zimbabwe had renewed Exclusive Prospecting Orders (EPOs) 1848 and 1849, covering 360,000 hectares.
Managing Director Scott Macmillan described the licence renewal as a crucial milestone: “It allows us to progress the next phase of our exploration programme and further test the basin’s enormous potential.”
The acreage hosts the Mukuyu gas field and multiple high-potential prospects. Invictus now plans to drill the Musuma-1 well, targeting 1.2 trillion cubic feet (Tcf) of gas and 73 million barrels of condensate.
The Cabora Bassa Basin is considered one of Africa’s last underexplored onshore frontier rift basins. Independent estimates suggest the renewed licences could contain up to 2.9 Tcf of gas and 1.2 billion barrels of oil in prospective resources.
While still classified as unrisked and requiring further drilling, these figures highlight the potential scale of the basin.
The licences were assigned to Invictus through the Mutapa Investment Fund, Zimbabwe’s sovereign wealth vehicle.
The fund has been playing a growing role in strategic sectors, consolidating assets under government control. Its involvement signals official support for the project but also places Zimbabwe’s governance and transparency record under scrutiny.
The findings will be of paramount importance in the long term for Zimbabwe which is experiencing persistent electricity shortages, heavy reliance on coal-fired power, and costly imports from neighbours.
A commercial gas discovery could reshape the country’s energy mix, support industrial growth, and provide a cleaner alternative to coal.
Modest gas production would help stabilise power supply and reduce the economic drag caused by rolling blackouts.
Regionally, a Zimbabwean gas hub could complement Mozambique’s Rovuma Basin and feed into Southern Africa’s interconnected power networks.
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