reserves

On Thursday, Chevron made headlines with its announcement indicating plans to potentially drill an exploration well in the Walvis Basin off the Namibian coast. This initiative could see operations commencing as early as 2026 or 2027. It’s a move that encapsulates the evolving dynamics of global energy exploration and the intriguing potential that Namibia holds. The announcement fits into a broader narrative. Chevron, a giant in the oil and gas sector, is keen on advancing its prospect portfolio in Namibia—an area that has…

Coal has, for decades, served as the backbone of industrial progress in Africa, particularly in the southern regions where some of the globe’s richest coal deposits are nestled. It's a story of energy fueled by black rock, the kind of energy that has shaped economies and transformed lives. People often overlook the complexities of this story, focusing instead on the pressing need for renewable alternatives. But let’s pause and reflect: can we navigate the transition without acknowledging the role coal has played and…

 Mogadishu (AX) — The Turkish research ship, Oruc Reis, has anchored off the coast of Somalia, kicking off a seven-month exploration to hunt for oil and gas possibilities within licensed Somali seas. "The ship's arrival signifies Türkiye's deepening energy alliances with East Africa," remarked Turkish Energy Minister Alparslan Bayraktar on Friday.Enveloped in cutting-edge technology for complex three-dimensional seismic research, the vessel will sweep across three selected offshore zones, each stretching around 5,000 square…

Kenya's foreign exchange reserves have hit an all-time peak of $7.85 billion as of Thursday, notching up gains for the third week in a row, according to the Central Bank of Kenya (CBK) in its latest financial market update unveiled on Friday evening.Folks gather at the International Floriculture Trade Expo in Nairobi, Kenya, on June 5, 2024. (Photo by John Okoyo/Xinhua)Kenya's foreign exchange reserves have hit an all-time peak of $7.85 billion as of Thursday, notching up gains for the third week in a row, according to the…

The Democratic Republic of Congo again has only 2.5 weeks of foreign exchange reserves. Nearly $ 700 million, according to the Monetary Policy Committee. The decline in these reserves, crucial in a country that matters for everything, led last year to higher prices and a decline in the Congolese franc. Are we in danger of experiencing the same scenario at the end of the year? Falling back into a crisis similar to 2019 is what fears former presidential candidate Noel Tshiani, a former senior World Bank staffer who has…