Invictus is preparing to drill its maiden drilling campaign after renewing its environmental permits with the government and this week announced it had been awarded 301,565 hectares of forest for carbon offsets.
The company was handed contracts for the Ngamo, Gwayi and Sikumi forest projects by the Forestry Commission of Zimbabwe.
They will fully offset all scope one and scope two emissions associated with development of the Cabora Bassa project, Invictus said.
Each forest is classified under the United Nations' Reducing Emissions from Deforestation and forest Degredation framework, or REDD+ program.
Invictus will work with the Forestry Commission of Zimbabwe to protect the indigenous forests by mitigating and preventing deforestation across the three areas.
Invictus managing director Scott Macmillan said the award marked a significant milestone for the company and would ensure Cabora Bassa was one of the first carbon neutral oil and gas projects from exploration through to decommissioning.
"We actively sought a carbon management solution that would benefit the country and communities where we operate," Macmillan said.
"The Ngamo-Gwayi and Sikumi REDD+ project uniquely positons Invictus and the Cabora Bassa project as one of the first crade-to-grave carbon neutral oil and gas companies and projects in the world."
The project has the potential to generate more than 30 million carbon credits over 30 years, meaning it will cover the Cabora Bassa development and then some.=
Each carbon credit is equivalent to one tonne of CO2. The Cabora Bassa project will emit around 15 million tonnes of CO2 over its lifetime, based on a 8 trillion cubic feet development.
Macmillan said the company may look to sell excess carbon credits on the international Voluntary Carbon Market.
"Additional revenue generated from carbon credits will aid the work Invictus is doing to improve health and education in the local communities where we operate, well beyond the initial 30-year term of the initial NGS REDD+ project," he said.
Invictus will begin drilling its two-well campaign this month after upgrading its prospective resource at Mukuyu to 20 trillion cubic feet of gas and 845 barrels of condensate.
