eBusiness Weekly
Business Writer
Invictus Energy picked up two more exploration rights in Cabora Bassa Basin, expanding its licence footprint in the southern African country.
The company has executed an agreement with the Sovereign Wealth Fund of Zimbabwe for the new exploration rights, which are contiguous to its current licence in the area.
Invictus’ acreage now covers the entire conventional oil and gas play fairway in the basin.
Following this agreement, the company has selected the Baobab prospect as the commitment well to be drilled in the expanded licence area.
At the Baobab prospect, Invictus will test one of the multiple Basin Margin targets which show similar characteristics to the prolific East Africa Rift “String of Pearls” play.
Managing Director Scott Macmillan said the combined exploration licences provided the company with a “basin master” position in the region.
“The exploration licences are focused on the core prospective area in the basin, which is covered by our CB21 Seismic Survey and minimises our holding costs through the relinquishment of non-prospective areas in the basin,” Macmillan said.
“We are grateful for the constructive efforts by the Zimbabwe Government to conclude the amendments to the Petroleum Act to facilitate the signing of the Petroleum Production Sharing Agreement (PPSA).”
This comes after the company has entered a 30-year contract with the Forestry Commission of Zimbabwe (FCZ) for the development of the Ngamo-Gwayi-Sikumi (NGS) REDD+ project, which is renewable for a further 30 years, as part of the company’s sustainable plan to manage emissions.
The NGS REDD+ project will enable the Company to fully offset all Scope 1 & 2 emissions generated across the entire lifecycle of the Cabora Bassa Project.
REDD+ was created by the United Nations under its Framework Convention on Climate Change, or UNFCCC, to reduce carbon emissions from deforestation and forest degradation. It also supports local communities through socio-economic projects in line with principles on sustainable management, forest protection and nature conservation.
Mcmillan on the deal said, “The award of these carbon offset projects marks a significant milestone for Invictus and will make Cabora Bassa one of the first carbon neutral oil and gas projects from the exploration phase to decommissioning, if our upcoming drilling campaign is a success.
Invictus said it looks forward to partnering with the Forestry Commission and implementing this important project to protect indigenous forests in the Ngamo Gwayi and Sikumi areas.
