10.000
%
Uncertain
111
mm boe
0
%
Since the departure of the Mugabe family there has been a gradual shift towards broader-based growth, and oil and gas would be a new sector building on Zimbabwe's mining experience, with Invictus Energy exploring the Cabora Bassa basin. Currency instability and the push to extend President Mnangagwa's term to 2030 remain risks. Outlook maintained because exploration is early stage and political risks persist. Outlook: Uncertain. Risk premia unchanged at 10%.
October 7, 2026
Africa - South
mm bbl
bcf
Southern Africa, north of South Africa, between Zambia and Botswana to the west and Mozambique to the east.
PSC/PSA
Production sharing regime. There is no dedicated petroleum statute; upstream rights are granted under the Mines and Minerals Act, and the only material project, Invictus Energy's Cabora Bassa licence, is governed by a Petroleum Production Sharing Agreement signed with the government in 2021 that sets royalty, cost recovery and profit-sharing terms. General corporate income tax applies, and terms for any future entrants are likely to follow the same agreement-based model.
President Emmerson Mnangagwa's ZANU-PF is pushing to extend his term to 2030, and the economy remains fragile despite the introduction of the ZiG currency. US and UK guidance cite currency instability, indigenisation policies, corruption and weak property rights, although lithium attracts Chinese investment. Zimbabwe has no hydrocarbon production; Invictus Energy is exploring the Cabora Bassa basin, and power relies on Hwange coal and Kariba hydro, which is vulnerable to drought.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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