Tanzania Plans Partial Sale of Gold Reserves as Foreign Aid Declines in 2026 Tanzania is planning to sell a portion of its gold reserves to finance priority infrastructure projects, as international development assistance continues to decline. The announcement was made on Monday, January 26, 2026, in London by the Minister of State for Planning and Investment, Kitila Mkumbo, following instructions from President Samia Suluhu Hassan to the Bank of Tanzania. “Governments are no longer willing
DRC Oil Tax Reform Boosts Petroleum Revenues by Over 1,700%, Easing Pressure on Public Finances The Democratic Republic of Congo’s reform of oil-related tax expenditures is beginning to deliver measurable benefits for public finances, with official data showing petroleum revenues rising by more than 1,700% following the introduction of coordinated fiscal and regulatory measures. The reform was launched against a backdrop of rapidly rising oil tax expenditures, which reached US$1.6 billion in 2022 before easing
Nigeria Confirms Awodi-07 Oil Discovery as Dangote Refinery Strengthens Domestic Energy Supply Nigeria’s oil sector has received a fresh boost following the Nigerian National Petroleum Company (NNPC) Limited’s confirmation of a new discovery at the Awodi-07 appraisal and exploration well in the western Niger Delta. The well, drilled by Chevron Nigeria Limited (CNL) under its joint venture with NNPC Ltd, is located in shallow offshore acreage and has confirmed hydrocarbons across multiple reservoir zones, reinforcing
Morocco Set to Open Nador West Med Port in Q4, Expanding Mediterranean Trade and Energy Capacity Morocco is preparing to bring its second Mediterranean deepwater port, Nador West Med, into operation in the fourth quarter of this year, marking a major step in expanding the country’s maritime and logistics capacity. The new port is designed to build on the global success of Tanger Med, which is currently the largest port in both the Mediterranean region
Zambia Signs Major Renewable Energy MoU with Chinese Firms to Develop Large-Scale Solar Projects The Government of the Republic of Zambia has signed a landmark Memorandum of Understanding (MoU) with China Pingmei Shenma Holding Group Company Limited and LONGi Green Energy Technology Company Limited to develop large-scale renewable energy projects, with a primary focus on solar power generation. The agreement was signed at State House and witnessed by President Hakainde Hichilema. It was executed on
Power Metal Resources Secures Environmental Approval and Prepares for Drilling at Tati Gold Project in Botswana AIM-listed Power Metal Resources, together with its option partner Tuscan Holding and its in-country operations team, has completed critical preparatory work for the next phase of activity at the company’s 100%-owned Tati Gold Project. The project is located on the highly prospective Tati Greenstone Belt near Francistown, Botswana. The progress follows the share option agreement entered into with Tuscan
Nigeria Confirms Awodi-07 Oil Discovery as Dangote Refinery Transforms Domestic Energy Market Nigeria’s oil sector has received a significant boost following a new discovery at the Awodi-07 appraisal and exploration well in the western Niger Delta, reinforcing the country’s position as Africa’s leading oil producer. The well, drilled by Chevron Nigeria Limited (CNL) under its joint venture with NNPC Limited, is located in shallow offshore acreage and confirmed hydrocarbons across multiple reservoir zones. NNPC spokesperson
Libya Signs $20 Billion Deal with TotalEnergies and ConocoPhillips to Boost Oil Production by 850,000 BPD Libya, Africa’s largest holder of proven oil reserves, has secured a landmark $20 billion investment from US and French energy giants in a 25-year agreement aimed at revitalizing its oil sector and potentially positioning the country as Africa’s top oil producer. The deal, executed through Waha Oil Company, a subsidiary of Libya’s state-run National Oil Corporation (NOC), involves TotalEnergies
Shell Considers $20 Billion Offshore Oil Investment in Nigeria’s Bonga South West Field Shell Plc and its partners in Nigeria are evaluating development options for the Bonga South West deepwater oil project, an offshore asset that could attract up to $20 billion in investment if it reaches a final investment decision (FID), according to Shell’s chief executive officer, Wael Sawan. Speaking in a video shared by Nigeria’s presidency, Sawan said Shell is working closely with
GNPC Explorco to Begin Crude Oil Exploration in Ghana’s Voltaian Basin in 2026 GNPC Explorco, the exploration and production subsidiary of the Ghana National Petroleum Corporation (GNPC), is preparing to commence crude oil exploration in Ghana’s Northern Region as part of a broader strategy to expand the country’s energy sector and support economic growth. The planned exploration will focus on the Voltaian Basin, which covers large parts of the Northern Region and is widely believed
