The Cabora Bassa Project will be receiving National Project Status (NPS). (Image source: Adobe Stock)

Invictus Energy Limited's Petroleum Production Sharing Agreement (PPSA) for its 80%-owned and operated Cabora Bassa Project in Zimbabwe has been consolidated with the Petroleum Exploration Development and Production Agreement (PEDPA) to ensure long-term results 

This comes following close cooperation with the relevant line ministries to finalise the terms of the PPSA. The consolidation will ensure robust, balanced, and transparent agreement that meets international standards.

The Cabora Bassa Project will be receiving National Project Status (NPS) from the Ministry of Finance, recognising its potential to deliver broad-based economic benefits, attract foreign investment, and create employment. This will unlock for Invictus a suite of fiscal and non-fiscal incentives including duty exemptions, fast-tracked permitting, and streamlined access to key infrastructure and services.

Invictus is progressing the contracting and procurement of long lead items and critical services in preparation for the Musuma-1 exploration well, scheduled to spud in the second half of 2025.

Mthuli Ncube, Zimbabwe's Minister of Finance, said, “The Cabora Bassa Project is a nationally significant development, and we are working closely with Invictus to finalise the PPSA and ensure a transparent, fair and commercially sound agreement. The Government looks forward to the successful formalisation of National Project Status and the long-term benefits the project will bring to Zimbabwe.”

Invictus managing director, Scott Macmillan, said, “We are greatly encouraged by the Government’s continued support and the positive momentum towards finalising the PPSA. The Ministry of Finance’s agreement to provide National Project Status is a key milestone, and we look forward to completing the formalities in due course. We remain on track with preparations for Musuma-1 and are excited about the next phase of activity at Cabora Bassa.”

The initialling marks a significant step forward to securing Block KON4. (Image source: Adobe Stock)

Aiming to acquire an operated interest onshore Kwanza basin in Angola, Afentra plc has initialled a risk service contract (RSC) for Block KON4

The initialling marks a significant step forward to securing Block KON4. Under the terms of the proposed KON4 RSC, Afentra will be Operator with a 35% equity interest. The Block offers both short cycle, low-cost production opportunities linked to field redevelopment alongside low-cost near-term exploration potential similar to that being pursued in KON15 and KON19. The contract will now progress through the formal governmental approval process, and the company will provide a further update to the market once the agreement has been fully executed and signed.

Paul McDade, Chief Executive Officer of Afentra plc, said, "The initialling of the KON4 RSC is a significant step in our continued strategy to build a material position in onshore Kwanza basin in Angola. While this marks the beginning of the formal approval process, we are already working closely with our partners in the contractor group to prepare for an efficient review of the block's existing oil fields and the potential for early development opportunities. In addition, we will be bringing our significant experience in the use of eFTG data, which is currently being acquired across the basin, to understand the full exploration potential of KON4 as well as our other licenses KON15 and KON19.

"The addition of the KON4 license to our existing onshore licenses will represent a compelling opportunity to work with local Angolan companies to both revitalise historic oil fields with modern production and development techniques as well as understand the full exploration potential of this underexploited basin where exploration activities stopped over 40 years ago."

Covering 1,387 sq km, Block KON4 has seen the discovery of 11 oil and two gas fields, producing more than 90 mmboe to date. The block features the Quenguela Norte field - the largest onshore discovery to date - estimated to hold over 200 mmbbls of discovered oil in place. The field achieved peak production of 12,000 bopd, with 42 mmbbls recovered before it was eventually shut-in and abandoned in 1999. This represents an opportunity to unlock significant value through the reactivation of legacy oil fields, supported by modern technology and re-development techniques that have advanced considerably since the fields were last in production decades ago. In addition, the Block's proximity to the Luanda refinery and the existing road infrastructure could allow early production and export to the refinery.

KON4 also provides low-cost, near-field exploration opportunities that further enhance Afentra's footprint and strategic optionality in the onshore Kwanza basin. The three blocks together offer a complementary portfolio with exposure to a diverse range of play types - across both post-salt and pre-salt petroleum systems - as well as opportunities to appraise and re-develop multiple discovered but abandoned oil fields.

The companies' continued collaboration will fundamentally reshape Nigeria’s energy landscape. (Image source: Heirs Energy)

Heirs Energies Limited and Renaissance Africa Energy Company have expressed mutual commitment to strategic collaboration following a high-level courtesy visit by Osa Igiehon, CEO of Heirs Energies, to Renaissance’s leadership team, led by Tony Attah

The meeting, which marked the first formal engagement between the two companies post-Renaissance’s successful transition, focused on mutual priorities and shared commitment to advancing Nigeria’s oil and gas sector through indigenous leadership and innovation.

Speaking during the visit, Osa Igiehon emphasised the significance of indigenous companies leading Nigeria’s energy transformation. “We are happy to connect with the leadership of Renaissance and congratulate them on their successful deal and transition,” said Igiehon. “As indigenous firms, we all have a duty to the continued development of the industry. The thinking and how we approach things will be different now, as we’re both indigenous companies committed to Nigerian excellence and driving unprecedented production growth.”

The CEO highlighted the natural synergy between the two organiations and the transformative potential of their collaboration. “Heirs Energies and Renaissance are closely linked, and we’re looking forward to continued collaboration that will not only benefit our companies, but fundamentally reshape Nigeria’s energy landscape. Together, we have the capability and commitment to accelerate production across our assets and drive the kind of innovation that will position Nigeria as a global energy leader.”

Tony Attah, Managing Director of Renaissance Africa Energy Company, expressed enthusiasm for the partnership, stating: “We are equally happy to connect and engage with Heirs Energies. This collaboration represents a significant step forward as we pursue our shared vision for the industry.”

He emphasised Renaissance’s commitment to driving transformational change across the energy value chain, “Renaissance is on a journey to drive increased production and development across the entire value chain, and partnering with like-minded indigenous companies like Heirs Energies is fundamental to achieving these objectives.”

The collaboration between these two leading indigenous energy companies signals a new era of homegrown expertise and innovation in Nigeria’s oil and gas sector. Both companies bring complementary strengths and shared values that position them to accelerate production growth through innovative approaches, develop local capacity and expertise across the energy value chain, drive sustainable industry practices that benefit Nigerian communities, leverage indigenous knowledge and understanding of local operating environments, and create synergies that enhance operational efficiency and market competitiveness.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.  Having a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contribute to a more prosperous Africa.

Afentra has entered into a SPA with Etu for its 50% share of the acquisition. (Image source: Adobe Stock)

Afentra will jointly acquire, alongside Etablissements Maurel & Prom S.A. (M&P), Etu Energias SA 10% interest in Blocks 3/05 and 13.33% interest in Block 3/05A offshore Angola

The company has entered into a sale and purchase agreement with Etu for its 50% share of the acquisition, awaiting customary conditions including government approval. 

With this acquisition, Afentra is prioritising restoring the very material upside of this multi-billion barrel offshore asset through a solid joint venture partnership. It is focusing on consistent value creation through disciplined transaction structures, combining modest upfront consideration with success-based contingent payments aligned to oil price and asset performance.

Paul McDade, chief executive officer of Afentra plc, said, "We are pleased to have signed this SPA with Etu Energias, providing Afentra with additional interest on similar terms to our previous transactions in Blocks 3/05 and 3/05A. This transaction enhances the alignment within the joint venture and reinforces our exposure to these high-quality production and development assets that continue to perform strongly as the partners demonstrate the ability to realise the upside of these world-class assets. The structure of the transaction reflects our disciplined approach to capital deployment, combining a modest upfront payment with a value-linked contingent consideration. We look forward to continuing to work closely with Sonangol and M&P to deliver the material upside in these assets providing long-term value for all stakeholders."