Qatari Investment Puts Zimbabwe’s Muzarabani Gas Dream Within Reach

From the Cabora Bassa Basin of Muzarabani (image source)

When Invictus Energy confirmed gas in the Cabora Bassa Basin of Muzarabani, Zimbabweans began to imagine a future less dependent on imported energy. Yet, the dream hinged on billions in funding — capital that has now arrived. In August 2025, Qatari investment giant Al Mansour Holdings (AMH) committed to financing the venture, providing both immediate cash and conditional long-term backing that could transform the country’s energy landscape.

Under the agreement, AMH is acquiring a 19.9% equity stake in Invictus through the purchase of 400 million shares priced at A$0.095 each, raising US$24.5 million for ongoing drilling. More significantly, it has pledged conditional financing of up to US$500 million, enough to move the Muzarabani project from exploration into production. Together, the two companies are launching a new joint venture, Al Mansour Oil & Gas (AMOG), to pursue energy opportunities across Africa.

For Zimbabwe, which has struggled to attract large-scale foreign investment, the partnership represents a reputational win. Qatar, a world leader in liquefied natural gas (LNG), gains a foothold in one of Africa’s most promising frontier discoveries while diversifying its global portfolio. For Harare, the deal signals renewed investor confidence after years of isolation and underinvestment.

Unlocking Muzarabani’s Potential

Exploration results from the Cabora Bassa Basin have already confirmed 1.3 trillion cubic feet (Tcf) of recoverable gas, with potential resources of nearly 3 Tcf plus 184 million barrels of condensate. If commercialised, this could mark one of the most significant energy finds in Zimbabwe’s history.

Invictus and the Zimbabwean government have signed agreements covering revenue-sharing and investor protections, ensuring that the state benefits while providing security for foreign backers. Scott Macmillan, Invictus’s managing director, described the deal as “a transformational milestone that enhances our growth prospects with world-class partners and capital strength.”

Analysts say successful development could reduce Zimbabwe’s dependence on electricity imports from South Africa and Mozambique. Gas could also supply fertilizer plants, industries, and households, while creating thousands of jobs and generating royalties for the state. Beyond domestic use, the potential for exports could position Zimbabwe as a regional energy supplier.

Risks and Realities

Despite the optimism, experts caution that exploration success does not guarantee profitable production. Building pipelines, processing plants, and export infrastructure will require billions more and years of technical work. Global gas markets are highly competitive, and prices remain volatile.

Environmental groups have also urged policymakers to balance fossil fuel development with commitments to renewable energy. They warn that over-investment in hydrocarbons risks locking Zimbabwe into a high-carbon future at a time when global finance is increasingly shifting toward green energy projects. Nevertheless, the political symbolism of the Qatar deal is clear. After decades of underinvestment and economic decline, Zimbabwe has now attracted the attention of one of the world’s largest energy financiers. For both Invictus and the government, Muzarabani is no longer just a geological dream — it has become a project within reach.