KEY POINTS
- Qatari firm invests in Invictus Energy stake.
- Cabora Bassa gas project seen gaining momentum.
- Invictus shares more than double after news.
Qatari investment company Al Mansour Holdings has acquired a 19.9 percent stake in Australia’s Invictus Energy and pledged as much as $500 million to back its Cabora Bassa gas project in Zimbabwe.
The deal, announced Wednesday, marks one of the most significant foreign investments in Zimbabwe’s energy sector in years, highlighting the country’s potential to become a regional gas hub.
Al Mansour takes stake in Invictus Energy
The equity purchase, worth A$37.8 million ($24.6 million), will help fund early-stage work at the Cabora Bassa site, including the drilling of the Musuma-1 well. Invictus and Al Mansour will also launch a joint venture, Al Mansour Oil & Gas, to target acquisitions across Africa.
Cabora Bassa gas project gains momentum
Seismic surveys have identified eight promising prospects in the eastern Cabora Bassa Basin, estimated to hold 2.9 trillion cubic feet of gas and 184 million barrels of condensate. The basin already hosts the Mukuyu gas field, discovered in 2023 and viewed as one of Sub-Saharan Africa’s largest finds that year.
Shares surge after Qatari investment news
Invictus shares more than doubled to their strongest level since December 2023 following the announcement, lifting the company’s valuation to A$208 million. “The investment significantly enhances the growth trajectory for our Cabora Bassa Project,” Invictus Managing Director Scott Macmillan said.
Sheikh Mansour bin Jabor bin Jassim Al Thani, who chairs Al Mansour Holdings, called the investment a “long-term commitment to Africa’s growth, energy security and economic transformation.”
