HARARE – Australian Securities Exchange-listed firm Invictus Energy Limited, has been awarded three carbon offset projects in the south of Zimbabwe totaling 301,565 hectares of native forest.
Invictus Energy Limited which is exploring for oil and gas in the Cabora Bassa Basin said the contract was part of its sustainable plan to manage emissions.
The projects, carried out under a 30-year contract with the Forestry Commission of Zimbabwe (FCZ), relate to the development of the Ngamo-Gwayi-Sikumi (NGS) REDD+ project.
REDD+, which stands for Reducing Emissions from Deforestation and Forest Degradation, was created by the United Nations under their Framework Convention on Climate Change to reduce carbon emissions from deforestation and forest degradation.
Commenting on the development, Invictus Energy Limited managing director Scott Macmillan said the venture is part of their operations on carbon offset.
“The award of these carbon offset projects marks a significant milestone for Invictus and will make Cabora Bassa one of the first carbon neutral oil and gas projects from the exploration phase to decommissioning, if our upcoming drilling campaign is a success.
“We actively sought a carbon management solution that would benefit the country and communities where we operate,” Macmillan said.
Macmillan said the NGS REDD+ Project uniquely positions Invictus and the Cabora Bassa Project as one of the world’s first carbon-neutral oil and gas companies and projects.
The company has committed a total of $1.5 million, including $450,000 up front; Additional $450,000 within 12 months; and the last $600,000 within 24 months of completion.
Invictus has created a new division, Miombo Forest Carbon Investments (MFCI) to develop and manage the NGS REDD+ project.