Source: Minister calls for more energy investments – herald
Oliver Kazunga
Senior Reporter
INDUSTRY and Commerce Minister Dr Mangaliso Ndlovu has called for urgent investment in energy self-sufficiency as it is a key driver of Zimbabwe’s industrialisation and long-term economic resilience.
In 2023, the Cabinet adopted a roadmap to electricity self-sufficiency, which includes the restructuring of Zesa, decommissioning and re-purposing of thermal power stations to contain technical and non-technical losses of energy.
The roadmap seeks to ensure Zimbabwe does not import power as the Second Republic accelerates the drive to attain an upper-middle-class economy by 2030, anchored by the National Development Strategy 1 and 2.
Addressing delegates during the International Business Conference at the ongoing Zimbabwe International Trade Fair (ZITF) in Bulawayo on Wednesday, he said global geopolitical tensions in the Middle East have exposed vulnerabilities in energy supply chains.
This, he said, presents an opportunity for the country to rethink its energy strategy.
“The evolving global dynamics present an opportunity to accelerate industrial transformation, underscoring the urgency of advancing energy self-sufficiency through renewable energy, biofuel and alternative energy solutions while deepening the localisation of industrial inputs and strengthening domestic value chains,” said Dr Ndlovu.
As part of efforts to address the country’s energy gap, the Government is facilitating the fast-tracking of the Muzarabani Oil and Gas project in Muzarabani and Mbire districts in northern Zimbabwe, designating it a critical pillar for national energy security and import substitution amid volatile global markets and Middle East conflicts.
The oil and gas project, which is being pursued by an Australia-headquartered firm – Invictus Energy, had its Petroleum Production Sharing Agreement (PPSA) finalised recently.
The PPSA establishes a stable, transparent and internationally competitive legal and fiscal framework, providing the definitive groundwork for Invictus Energy to transition from exploration to production.
Invictus announced this week that it has raised US$10 million through a strongly supported placement, giving the company a strong footing to accelerate exploration drilling at its 80 percent-owned Cabora Bassa Project.
The firm’s managing director, Mr Scott Macmillan, said the funding marked an important step as the company builds momentum in the basin.
“We are pleased with the backing Invictus has received from both existing and new shareholders as we prepare to follow up the successful Mukuyu gas discovery with a new exploration campaign targeting the high-impact Musuma prospect,” he said.
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