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Qatari firm injects $500m into Zimbabwe gas project
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Qatari investment company Al Mansour Holdings has acquired a 19.9% stake in Australia’s Invictus Energy and pledged up to $500 million to support the development of the Cabora Bassa gas project in Zimbabwe.
The stake, worth A$37.8 million (US$24.6 million), will help fund near-term activities, including drilling the priority Musuma-1 well. The deal also includes the creation of a joint venture, Al Mansour Oil & Gas (AMOG), which will pursue oil and gas assets across Africa.
Invictus Energy has identified eight high-potential prospects in the eastern Cabora Bassa Basin with an estimated 2.9 trillion cubic feet of gas and 184 million barrels of condensate. The Basin includes the Mukuyu field, discovered in 2023 and regarded as one of Sub-Saharan Africa’s largest gas finds that year.
“This investment significantly enhances the growth trajectory for our Cabora Bassa Project,” said Invictus Managing Director Scott Macmillan.
The announcement sent Invictus shares surging to their highest level since December 2023, more than doubling the company’s market value to A$208 million.
Al Mansour Holdings, led by Sheikh Mansour bin Jabor bin Jassim Al Thani, said the move underscored its commitment to Africa’s energy security and economic transformation.
The stake, worth A$37.8 million (US$24.6 million), will help fund near-term activities, including drilling the priority Musuma-1 well. The deal also includes the creation of a joint venture, Al Mansour Oil & Gas (AMOG), which will pursue oil and gas assets across Africa.
Invictus Energy has identified eight high-potential prospects in the eastern Cabora Bassa Basin with an estimated 2.9 trillion cubic feet of gas and 184 million barrels of condensate. The Basin includes the Mukuyu field, discovered in 2023 and regarded as one of Sub-Saharan Africa’s largest gas finds that year.
“This investment significantly enhances the growth trajectory for our Cabora Bassa Project,” said Invictus Managing Director Scott Macmillan.
The announcement sent Invictus shares surging to their highest level since December 2023, more than doubling the company’s market value to A$208 million.
Al Mansour Holdings, led by Sheikh Mansour bin Jabor bin Jassim Al Thani, said the move underscored its commitment to Africa’s energy security and economic transformation.
Source - Reuters
