RoydadNaft – Zimbabwe’s Ministry of Finance has granted National Project Status (NPS) to the Cabora Bassa Gas Project, recognizing its strategic role in boosting economic growth and energy security. The designation, along with a finalized Petroleum Production Sharing Agreement between the government and developer Invictus Energy, paves the way for accelerated development through tax incentives, streamlined permitting, and priority access to infrastructure.

The NPS underscores the project’s importance to the country’s economic growth and energy security. The designation provides the project with fiscal and non-fiscal benefits, including duty exemptions, expedited permitting processes and priority access to key infrastructure and services.

Project developer Invictus Energy and the ministry have also finalized the terms of a Petroleum Production Sharing Agreement (PPSA) for the project.

“The Government is committed to fostering a competitive and attractive investment environment, and we are delighted to partner with Invictus Energy as this landmark project advances towards development,” stated Mthuli Ncube, Minister of Finance, Zimbabwe.

The PPSA provides the stable and transparent framework to progress development, while the NPS reduces costs and accelerates execution, according to Scott Macmillan, CEO of Invictus Energy.