THE oil and gas project, which is being implemented by Australia Stock Exchange entity, Invictus Energy in Muzarabani, is set to be granted a National Project Status paving way for more investors in raising required capital.
An update released by Invictus Energy reveals that the Ministry of Finance, Economic Development and Investment Promotion has decided to grant the national project status on the Muzarabani Oil and Gas Project after realisation of the economic benefits that will arise from the project.
The move will see more investors coming on board, riding on the government’s fiscal and non-financial incentives for interested parties in raising capital for the oil and gas discovery process.
The company also thanked the government for granting the project a National Project Status as a show of confidence and commitment to facilitate progress and set the tone for continuous exploration activities.
Zimbabwe Energy Regulatory Authority Chief Executive Officer Mr Eddington Mazambani described the granting of the status as setting the tone for massive investments in the country’s oil and gas deposits.
“The oil and gas industry requires capital but when authorities are seeing some positives and decide to grant the project with the National Project Status, it means the nation is on course to achieve set targets within the entire value chains,” he said.
In a related development, Invictus Energy pledged commitment to further work in the interest of signed production sharing agreements with government.
