Page 13 - AfrOil Week 13 2021

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ABB is providing an end-to-end electrical system for the Mozambique LNG project (Image: Total)
Invictus signs agreement

on Cahora Bassa project

ZIMBABWE AUSTRALIA’S Invictus Energy has signed a move quickly into the development phase of its
petroleum exploration development and pro- work at the licence area. If the Invictus subsid-
duction agreement (PEDPA) for Special Grant iary’s test drilling programme is successful, he
4571, a licence area located in Zimbabwe’s Cab- said, Zimbabwe could become a producer of gas
ora Bassa basin. and condensate in as little as a year.
In a statement dated March 29, Invictus Mnangagwa, who also attended the cer-
reported that it had executed the PEDPA with emony, said that the signing of the PEDPA
the Zimbabwean government after the latter demonstrated his government’s commitment to
secured approval from E.D. Mnangagwa, the opening the Zimbabwean economy up to invest-
country’s president. Winston Chitando, Zimba- ment. Harare is eager to engage with the global
bwean Minister for Mines and Mining Develop- business community, he declared.
ment, signed the document on Harare’s behalf For his part, Scott Macmillan, the manag-
at a ceremony on March 26, the company said. ing director of Invictus, commented: “We are
The agreement provides for Invictus’ 80%- extremely pleased to have executed the PEDPA
owned subsidiary Geo Associates to develop with the Republic in Zimbabwe following exten-
Special Grant 4571 over a period of 25 years, sive negotiation and collaboration with the var-
following the completion of its exploration ious ministries, government bodies and the
programme. Geo Associates is currently in the Zimbabwe Investment Development Authority
second phase of exploration and is gearing up to (ZIDA). We are grateful for the collaborative
launch a 2D seismic survey later this year. and constructive efforts by the government to
Special Grant 4571 includes two fields known put the PEDPA in place, which provides a robust
as Muzarabani and Msasa, which may hold as framework to facilitate long-term investment
much as 9.25 trillion cubic feet (261.94bn cubic into the oil and gas sector with confidence.”
metres) of natural gas and 294mn barrels of gas Macmillan also drew attention to the fact
condensate in gross mean unrisked reserves. that the new agreement conferred upon Special
Muzarabani is the larger of the two fields, with Grant 4571 the status of a special economic zone
8.2 tcf (232.2 bcm) of gas and 250mn barrels (SEZ) throughout the life of the project. Accord-
of condensate, while Msasa may contain 1.05 ing to Invictus’ statement, this status will “facil-
tcf (29.73 bcm) of gas and 44mn barrels of itate a host of fiscal and non-fiscal incentives
condensate. ... including legal and fiscal stability, offshore
Chitando said at last week’s signing ceremony banking, zero capital gains tax, tax holiday peri-
that he hoped Geo Associates would be able to ods and 15% corporate rate thereafter.” ™

Week 13 31•March•2021 www. NEWSBASE .com P13