Connect with us
Anglostratits

Business

Interview: Invictus Energy Managing Director (MD) discusses Success and Capital Raising in African Exploration

Published

on

Invictus Energy

In an exclusive interview with the African Energy Chamber, Invictus Energy Managing Director Scott Macmillan showcased how the company has managed to achieve success in the southern African market

CAPE TOWN, South Africa, March 15, 2024/APO Group/ — 

Across Africa’s proven and promising hydrocarbon basins, independent oil and gas companies are playing a central role in driving exploration and resource monetization while getting large-scale projects off the ground. These companies have been at the forefront of notable developments throughout the continent, with Australia’s Invictus Energy actively exploring the Muzarabani and Cabora Bassa basins in Zimbabwe.

Ahead of this year’s African Energy Week (AEW) (https://AECWeek.com) conference and exhibition – taking place in Cape Town on November 4-8 – an interview with Invictus Energy Managing Director Scott Macmillan showcased how the company has managed to achieve success in the southern African market.

Raising Capital for oil and gas projects in the energy transition era requires innovative financing mechanisms. What strategies is Invictus Energy implementing to raise capital?

Raising capital for oil and gas projects has been challenging, particularly in the exploration space, which comes with high risk and no guarantee of achieving success and making a discovery. We have been very fortunate to have had excellent support from our shareholders who have funded our exploration activity to date. Post the gas-condensate discovery at Mukuyu-2 we have now de-risked the asset and – with a tangible resource base – it opens additional options for the company to fund the future work program. We have a high amount of equity in our licence (80%), and it provides us with flexibility on a number of fronts. These options include farming out an interest to other E&P companies, financing from regional development banks, strategic local investors that are positioning to become a part of a new industry in Zimbabwe and pre-payment for future offtake.

Invictus Energy announced a gas discovery at the Mukuyu-2 well in Zimbabwe last December. What is the status of the drilling campaign? Is a development plan in place?

The Mukuyu-2 well has been safely suspended along with the Rig 202 stacked at the wellsite in preparation for a future flow test. The flow test design work is being undertaken to determine the long leads and mobilisation plan for the test given the relatively remote location. We are also planning a 3D seismic survey over the Mukuyu field, which will assist in determining future appraisal and development well locations for an early phase development.

With regards to a development plan, we envisage Mukuyu to be a phased development consisting of an initial pilot project to provide early revenue and demonstrate proof of concept. That will be followed by a more traditional full field development plan to commercialise a large volume of gas through gas-to-power, gas to fertiliser and feedstock for industrial customers as well as small scale LNG and compressed natural gas for end users that are not proximal to the pipeline network.

Invictus Energy signed a gas supply MoU with Mbuyu Energy in December 2023 for feedstock related to a 500 MW gas-to-power project. How does the project align with Invictus Energy’s strategic plans in Zimbabwe?

We see gas playing a critical role in the industrialisation of the country and gas-to-power is probably the biggest opportunity in Zimbabwe for us to monetise large volumes of gas given the energy deficit in the country. This energy deficit is going to be exacerbated in future due to increasing energy demand from some of the intensive energy users such as the mining houses and large industrial consumers and their need for reliable and affordable power is greater than ever and crucial for their businesses. 500MW is just the start and it is estimated that an additional 2,500MW of new power generation is required to meet demand in the next few years.

Due to our proximity to the electricity network, through a gas-to-power development we can utilise the grid as a virtual pipeline to deliver electrons to end users which significantly reduces development cost and timeline of the initial phases of full field development.

Does Invictus Energy have plans to expand regionally, given the untapped potential in neighboring countries?

We do have ambitions to expand regionally dependent upon the ultimate reserves from our licence area as there is a significant power and gas shortfall in South Africa and untapped potential in countries such as Zambia. We can export electricity through the Southern Africa Power Pool (SAPP) and with our project located within 100km of 3 major SAPP interconnectors it provides us with the ability to export across the region using the existing infrastructure.

There is also an opportunity to export gas to South Africa by joining into the ROMPCO pipeline from Mozambique which has a captive market in South Africa and fetches premium pricing. South Africa is facing a 1 billion cubic foot per day shortfall in gas supply by 2030 which is obviously a huge opportunity for a resource like ours that is strategically placed to fill the void.

Invictus Energy participated in the African Energy Week: Invest in African Energy conference in 2023. What are you looking forward to most regarding this year’s conference and can we expect any deals or announcements to be made by Invictus?

AEW is a fantastic event that is growing and getting better every year and we are looking forward to building on the relationships that we have established in previous years as well and the new ones that will undoubtedly be formed. There are always new ideas sparked by panels and presentations and new business opportunities generated from conversations.

Whilst we can’t reveal any deals or announcements as of yet, given our activity and ambition to drive our project ahead there will definitely be some news for us to deliver at the conference.

Distributed by APO Group on behalf of African Energy Chamber.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

Published

on

Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

Continue Reading

Business

South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

Published

on

Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

Continue Reading

Business

Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

Published

on

Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

Continue Reading

Trending