Oil & Gas Market Updates

Spiro Secures $215 Million to Accelerate Africa’s Electric Mobility Infrastructure

African electric mobility company Spiro has secured $215 million in equity financing to support the expansion of its battery-swapping network and electric vehicle ecosystem across key African markets, highlighting growing investor confidence in the continent’s clean transport and energy transition sectors. The funding round attracted institutional investors from Europe and Africa, including Denmark’s Impact Fund,…

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Nigeria’s Gas Sector Set to Benefit from AI Data Centre Expansion

The global artificial intelligence boom is driving unprecedented demand for electricity, creating new opportunities for gas-producing countries such as Nigeria. As technology companies expand AI infrastructure, securing reliable power has become a strategic priority, placing energy supply at the centre of the digital economy. Across North America and Europe, major technology firms are increasingly partnering…

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ExxonMobil Names Johanna Boothey to Lead Mozambique Operations

ExxonMobil has appointed Johanna Boothey as Lead Country Manager and Chairperson of its Mozambique business, signalling a key leadership move as the company advances plans for one of Africa’s most significant LNG developments. The appointment was announced by ExxonMobil Mozambique on Monday. Boothey brings more than 30 years of international energy industry experience, having held…

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Dangote Refinery Deepens Market Influence with Fresh Fuel Price Cuts in Nigeria

Nigeria’s downstream petroleum market shifted again over the weekend after the Dangote Petroleum Refinery announced fresh cuts to ex-depot fuel prices, reinforcing its growing influence over the country’s refining and fuel supply landscape. The refinery reduced petrol prices to about US$0.73 per litre from US$0.74, while diesel fell more sharply to approximately US$0.99 per litre…

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Egypt Accelerates Debt Repayment to Drive New Energy Investment

Egypt is moving decisively to restore momentum across its upstream oil and gas industry, with the government sharply reducing outstanding payments owed to international oil companies and bringing forward its debt clearance timetable in a move expected to strengthen investor confidence and unlock new capital. Speaking on Monday, Oil and Mineral Resources Minister Karim Badawi…

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Nigeria’s Energy Reforms Reposition the Country for Major Capital Inflows

Nigeria’s energy sector has undergone a significant turnaround, with policy reforms introduced between 2023 and 2026 reshaping investor sentiment and restoring the country’s standing as one of Africa’s most closely watched hydrocarbons markets. For much of the past decade, Nigeria’s vast resource base struggled to attract investment. Despite holding Africa’s largest proven gas reserves and…

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Anzana Secures $20m BII Investment for African Hydropower Projects Across Africa

British development finance institution British International Investment (BII) has committed US$20 million to Anzana Electric Group in a move aimed at accelerating distributed renewable power deployment across Africa, with an initial focus on run-of-river hydropower. The financing package is intended to unlock a segment of the African power market that has historically struggled to attract…

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Invictus Energy Secures Production Sharing Agreement for Zimbabwe’s Cabora Bassa Basin

Australian-based organisation, Invictus Energy, has signed a Petroleum Production Sharing Agreement (PSA) with the Government of Zimbabwe, marking a major step forward for the commercial development of the Cabora Bassa Basin and the country’s emerging upstream hydrocarbons sector. The agreement, announced on Thursday, was executed through Geo Associates, Invictus Energy’s Zimbabwean subsidiary, which holds an…

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African Leaders Rally Capital for Energy and Industrial Growth at AfDB Annual Meetings

African heads of state used the opening of the 2026 Annual Meetings of the African Development Bank Group in Brazzaville to sharpen calls for accelerated investment in energy infrastructure, industrial expansion and climate-linked projects, with leaders emphasising the need to unlock greater private capital to support Africa’s long-term growth. The presidential dialogue, held on Tuesday…

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Mozambique Audit Raises Questions Over TotalEnergies LNG Cost Claims

An independent audit commissioned by the Mozambican government has reportedly identified a US$2 billion cost discrepancy linked to the suspension of TotalEnergies’ flagship liquefied natural gas development in northern Mozambique, adding fresh scrutiny to one of Africa’s largest energy investments. According to sources cited by Lusa, the French energy major submitted preliminary claims exceeding US$5…

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