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Monday, May 27, 2024

Invictus agreement charms experts

Story by Stanley James, Business Editor

ZIMBABWE is strengthening its entry into the global oil and gas industry by engaging experts in drafting and negotiating relevant agreements with investors.

The arrangement comes after Zimbabwe concluded an agreement with GeoAssociates for Invictus Energy to begin exploration of oil and gas in Muzarabani.

As the exploration process of oil and gas involves different stages of production, the need for Zimbabwe to develop expertise in technical, legal, and fiscal aspects of the industry was topical at a three-day capacity-building meeting in Harare.

“Zimbabwe, like any economy in Africa, boasts of vast resources, but it is the ability to utilise effectively such resources that becomes imperative taking into account the transactions of the global oil and gas industry and how they need to be well addressed and articulated so we are here to help with more technical expertise,” said Special Counsel, Mr Norman Nadorff.

African Legal Services Facility Advisor Mr Charles Afeku stressed the need to get to grips with global contracts based on the fact that agreements in the oil and gas sector are huge and complex.

“It is within the context of the global oil and gas sector that Zimbabwe needs to be abreast with several issues relating to dealing with huge, structured transactions in order to facilitate equitable sharing of resources while enabling gains to be sustained so this meeting or workshop will provide an impetus on how that can be achieved,” he said.

The meeting, which has attracted participants from the Ministry of Mines and Mining Development as well as development partners, is also focusing on joint operating agreements in the oil and gas industry and the development of a new petroleum exploration global roadmap.

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