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  • Updated: June 04, 2023

Latest Oil & Gas News Roundup For May 28 - June 4, 2023

We're glad you're here for the most recent Oil & Gas News collections, where we swiftly present the most interesting AllNews stories from the previous week.

Prices Of European Natural Gas Decrease Due To Weak Global Demand

Benchmark natural gas prices in Europe decreased early on Wednesday due to a decrease in LNG demand globally, higher-than-normal stockpiles in Europe, and an increase in recent renewable energy production.

At roughly $26.70 (25 euros) per megawatt-hour (MWh), the front-month futures at the TTF hub, the benchmark for gas trading in Europe, are trading at their lowest level in two years. Prices have decreased by up to 65% since the beginning of this year and by 90% from the record-high of more than $320 (300 euros) per MWh in August 2022. Read more here.

China Launches Largest Coal Carbon Capture Facility In Asia

At one of its thermal coal power plants, China Energy Investment Corporation, a state-owned electricity producer, has begun a carbon capture project that will be the largest such facility in Asia.

According to a report in the official media source CCTV on Friday, the carbon capture, utilisation, and storage (CCUS) facility at the Taizhou thermal coal power station would have an annual capacity to store 500,000 tonnes of carbon dioxide (CO2). Read more here.

Fuel Subsidy Removal: NNPC Backs Tinubu, Says No Reason For Panic Buying

The Nigerian National Petroleum Company Limited (NNPCL) has praised President Bola Tinubu's announcement about the elimination of fuel subsidies.

The President proclaimed the end of the subsidy payment period in his inaugural address on Monday, stating that additional payments were no longer necessary because the 2023 budget did not include funding for fuel subsidies. Read more here.

Oil Theft: President Tinubu Mandates Service Chiefs To Crush Offenders

In a make-or-mar meeting recently with Service Chiefs, President Bola Tinubu on Thursday, in Abuja, directed them and heads of security and intelligence agencies to “crush” perpetrators of oil theft, reiterating that his administration will not tolerate the menace.

Tinubu also said that on his watch, insecurity would not bring Nigeria to her knees while other countries record achievements in key sectors of their economies.  Read more here.

Fuel Subsidy Removal: NNPC Pump Price Soars Nationwide

NNPC Fuel Price Jerk-up

The Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday changed the pump price of Premium Motor Spirit (PMS) at all of its retail locations to N537 per litre in accordance with the current market conditions.

President Bola Tinubu'declaration that fuel subsidies will cease with the election of his administration prompted NNPC Ltd. to make the change. Read more here.

These are the latest Oil & Gas news that made trends during the week. Visit our website https://allnews.ng for more Oil & Gas news around the world.

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