Invictus Energy Signs Gas Production Agreement With Government

Australian firm Invictus Energy signed a petroleum production sharing agreement with the national government on Wednesday in Harare to advance its local operations and secure regulatory backing. Invictus Chief Executive Officer Scott Macmillan confirmed the finalized deal establishes a hybrid profit-sharing model for the Cabora Bassa gas project. The Finance Ministry officially designated the energy development as a strategic priority for national industrialization and long-term economic growth across the southern African country. The agreed framework dictates that the contractor will retain a higher share of revenue during periods of low returns. The national government will secure a much larger percentage of profits during times of higher returns.