Business Reporter
THE Mutapa Investment Fund (MIF) recently injected US$5 million into Invictus Energy, a company involved in an oil and gas project in northern Zimbabwe. This investment is expected to accelerate the project’s exploration activities, including flow testing, drilling, and seismic surveys, as Invictus transitions from exploration to development.
The MIF, previously known as the Sovereign Wealth Fund of Zimbabwe, aims to revitalize struggling state-owned enterprises and foster local capital ownership.
Latest Project Highlights indicate the investment could soon pay off due to the factors below;
- Zimbabwe has confirmed its first commercial gas discovery in the Cabora Bassa basin, marking a major step toward becoming a regional gas producer
- The announcement was made by Invictus Energy, the Australia-based firm leading exploration in the basin
- The target lies outside the Mukuyu discovery area and is estimated to hold 1.2 trillion cubic feet of gas and 73 million barrels of condensate
Zimbabwe has confirmed its first commercial gas discovery in the Cabora Bassa basin, marking a major step toward becoming a regional gas producer. The announcement was made by Invictus Energy, the Australia-based firm leading exploration in the basin.
The Mukuyu gas field, located in northwest Zimbabwe, is the site of the discovery. Invictus has secured regulatory approval to begin pilot production, which will include supplying gas to the Eureka Gold Mine through a gas-to-power project.
The initiative aims to monetise gas reserves while supporting domestic electricity generation.
The company has identified the Musuma-1 well for its next drilling campaign. The target lies outside the Mukuyu discovery area and is estimated to hold 1.2 trillion cubic feet of gas and 73 million barrels of condensate.
The discovery positions Zimbabwe among Africa’s emerging gas players and opens opportunities for future investment in upstream gas development.
