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

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2 years ago

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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.

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China’s digital hub Hangzhou hosts conference on AI, OPC

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June 30, 2026

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OPC

HANGZHOU, CHINA – Media OutReach Newswire – 30 June 2026 – The inaugural AI+OPC Innovation and Development Conference was held from June 29 to 30 in Shangcheng District, Hangzhou, capital city of east China’s Zhejiang Province. Centered on one-person company (OPC), a new form of smart economy in the AI era, the conference program comprised one opening ceremony and two parallel breakout sessions.

It gathered around 400 delegates from government departments, industry associations, financial institutions, AI enterprises and OPC startup operators across the country. Participants exchanged insights on AI innovation pathways and cross-industry integration strategies, injecting strong impetus into Hangzhou’s ambition to develop a national benchmark hub for AI+OPC entrepreneurship.

A series of key launches and milestone ceremonies took place during the opening segment. Official releases included the 2026 national OPC development observation report, Hangzhou’s 2026–2028 action plan and supporting policies to build a national AI+OPC entrepreneurship hub, and a catalog of actionable AI+OPC application scenarios. Attendees also received an in-depth interpretation of the specifications for AI-enabled OPC community services and evaluation.

The ceremony featured multiple landmark initiatives: plaque awarding for Hangzhou’s priority AI+OPC incubation communities and dedicated observation sites, the official launch of the AI+OPC Community Alliance initiative, and a kickoff marking the official construction of the national AI+OPC entrepreneurship hub.

The open forum session featured keynote speeches from distinguished industry and academic leaders. Speakers included Pan Yunhe, former executive vice president of the Chinese Academy of Engineering and professor at Zhejiang University; Liang Gui, former executive vice governor of Jiangxi Province and ex-director of the Torch High Technology Industry Development Center under the Ministry of Industry and Information Technology; and Zou Ling, head of Hong Hub, Shangcheng District’s single-member unicorn startup acceleration community, who shared cutting-edge insights from varied perspectives.

A panel dialogue followed, bringing together representatives from Moshu OPC Community (Beijing E-Town), the School of Future Science and Engineering at Soochow University, Qingju Hub · Future Digital Intelligence Port (Shangcheng District), and Puhua Capital for in-depth industry exchanges.

Complementary concurrent events held throughout the conference included an OPC capital-industry matchmaking salon, a symposium on industry-education integration for AI-powered OPC sectors, and a national exchange forum for AI+OPC community practitioners.

OPC has emerged as a vibrant new engine driving economic vitality and underpinning high-quality development. Against the backdrop of a new development era, the inaugural Hangzhou AI+OPC Innovation and Development Conference unites OPC innovators nationwide.

Drawing on the creative energy of millions of independent super-individual operators, the event delivers sustained digital momentum to fuel Hangzhou’s super-individual economy, while rolling out replicable local practices and actionable Hangzhou solutions to advance high-quality growth of smart economies nationwide.

 

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Hainan FTP marks 6-month milestone of special customs operations, signs deals during Hong Kong visit

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8 hours ago

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June 30, 2026

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Hong Kong

HONG KONG SAR – Media OutReach Newswire – 29 June 2026 – As the Hainan Free Trade Port (FTP) marked the six-month milestone since the launch of its full special customs operations, a Hainan provincial delegation wrapped up a three-day visit to Hong Kong. During the visit, the delegation signed deepened cooperation agreements with several major local chambers of commerce and promoted the latest policies introduced since the island-wide special customs operations took effect.

According to data released by Hainan Province during the visit, Hainan’s foreign trade has surged since the launch of special customs operations. As of June 17, the province’s total goods imports and exports reached RMB 173.98 billion (approximately US$24 billion), up 54.6% year on year. Imports of zero-tariff goods hit RMB 2.645 billion, a 120% jump that generated tariff savings of RMB 440 million. A total of 172,100 new market entities were registered—a 61% increase—including 1,240 foreign-invested enterprises. Zero-tariff items now account for 74% of all tariff lines, benefiting more than 12,000 market entities.

During the Hong Kong visit, China Council for the Promotion of International Trade Hainan Provincial Committee (CCPIT Hainan) signed separate deepened cooperation MOUs with the Chinese General Chamber of Commerce, Hong Kong and the Hong Kong General Chamber of Commerce. Under the MOUs, the parties will establish a regular liaison mechanism for the periodic exchange of economic and trade information, and will promote collaboration in areas including professional services, green finance, the digital economy, supply chain management, and cultural tourism. Mutual enterprise service desks will be set up to provide consulting services regarding policies and projects. The parties will leverage their complementary strengths to help Chinese mainland enterprises access overseas markets via Hong Kong, while facilitating Hong Kong companies’ entry into the Chinese mainland through Hainan.

The delegation also held talks with the British Chamber of Commerce in Hong Kong and the American Chamber of Commerce in Hong Kong, exploring ways for British and American businesses to leverage Hainan’s value-added processing tariff exemptions and multifunctional free trade accounts to position themselves in regional supply chains and cross-border investment and financing. HSBC, De Beers, and other British firms are already active in Hainan, and the UK served as the Guest of Honor country at the 2025 China International Consumer Products Expo.

According to industry analysts, amid the shifting international trade landscape, Hainan is leveraging Hong Kong’s “super-connector” role to accelerate its integration with global capital and business networks, while simultaneously offering the Hong Kong business community a policy testing ground for entering the Chinese mainland market.

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Africa’s Grid Constraints Come into Focus as Regional Markets Push Toward Integration

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4 days ago

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June 26, 2026

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Africa

Regional power pools are advancing and renewable pipelines are growing, but the regulatory and financial architecture needed to connect them remains the continent’s most critical infrastructure gap – an issue central to the Power Africa Today conference at AEW 2026

CAPE TOWN, South Africa, June 25, 2026/APO Group/ –Africa’s electricity demand is projected to nearly double to 2,291 TWh by 2050, requiring an estimated $30 billion in transmission and grid infrastructure investment to unlock and integrate new generation capacity. Yet across the continent, grid systems are struggling to keep pace with rapidly expanding supply pipelines and rising demand.

In Nigeria, repeated nationwide grid collapses as recently as February 2026 underscore the fragility of aging transmission infrastructure. In East Africa, tower failures along the 428 km Loiyangalani-Suswa line temporarily stranded output from Lake Turkana Wind Power – Africa’s largest wind installation. Meanwhile, demand growth pressures are accelerating across North Africa, where electricity consumption is expected to rise by around 50% by 2035, driven by urbanization, desalination projects, and climate-related temperature increases.

Despite these constraints, generation investment continues to accelerate across Africa, particularly in renewables, gas-to-power and hybrid systems. However, without equivalent investment in transmission and interconnection, much of this new capacity risks being underutilized or stranded. This growing imbalance between generation and grid capacity is driving a sharper focus on system-wide planning and regional market design – issues that will be central to the newly launched Power Africa Today conference at African Energy Week 2026. The platform will bring together policymakers, utilities, investors and developers to explore how regional interconnection, cross-border trading frameworks and financing structures can better align generation growth with grid expansion.

Power Markets Experiment with Reform

Alongside infrastructure challenges, Africa’s electricity sector is undergoing gradual – but uneven – market reform. Most countries still operate vertically integrated systems dominated by state utilities, but a growing number are introducing competitive frameworks to attract private capital and improve efficiency.

Zimbabwe opened its electricity market to full private participation across generation, transmission and distribution in 2025, targeting $9 billion in new investment. South Africa is advancing one of the continent’s most ambitious grid expansion programs, with plans for 14,500 km of new transmission lines and 133,000 MVA of transformer capacity by 2034, alongside mechanisms designed to crowd in private financing. Kenya, meanwhile, has introduced open access regulations enabling independent power producers to wheel electricity directly to multiple off-takers, reshaping how generation assets interface with the grid.

Interconnected electricity markets are the foundation of Africa’s industrial future

Regional Integration Remains Fragmented

Efforts to connect Africa’s fragmented power systems are progressing, though at different speeds across regions. In Southern Africa, the World Bank’s RETRADE SAPP program, approved in 2025, is deploying $12 million to strengthen renewable integration and transmission capacity across 12 member states. In East Africa, the Ethiopia–Kenya–Tanzania Electricity Highway is now in trial operations at up to 2,000 MW, marking a significant step toward a more interconnected regional grid.

West Africa is also moving toward deeper integration, with permanent synchronization of the West Africa Power Pool expected in 2026. Analysts, including the African Finance Corporation, argue that such synchronization is critical to unlocking large-scale hydropower potential and industrial demand across the region. Longer term, full synchronization between the Eastern and Southern African power pools – targeted for the end of 2026 – could create one of the world’s largest cross-border electricity trading corridors.

Building Bankable Financial Architectures

While interconnection is advancing, infrastructure alone is not enough to create investable electricity markets. Investors consistently cite the lack of standardized offtake structures, creditworthy counterparties, and cross-border payment guarantees as key barriers to scaling capital deployment.

New models are emerging to address these constraints. Africa GreenCo, operating across Zambia, Namibia and South Africa, is helping to aggregate independent power producers under a single creditworthy intermediary, standardizing power purchase agreements and reducing counterparty risk. At a broader level, AUDA-NEPAD estimates that Africa requires around $30 billion in additional investment to complete priority transmission corridors and establish three fully interconnected regional trading blocs by 2030.

“Interconnected electricity markets are the foundation of Africa’s industrial future,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “The question at Africa Energy Week is not whether integration is possible – the evidence is already there. The question is which regulatory frameworks and financial structures will get projects to financial close, and which markets will be ready when capital is looking to move.”

The Power Africa Today conference will run alongside AEW 2026, taking place October 12–16 in Cape Town, and will focus on the regulatory, financial and infrastructural architecture needed to build interconnected electricity markets capable of attracting institutional capital and delivering reliable, cross-border power at scale.

Distributed by APO Group on behalf of African Energy Chamber.

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