Latest Oil & Gas News Roundup For September 25 -October 2, 2022

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

Electric Cars Unaffected By Grid Collapse - Oando V-P

Oando Clean Energy Ltd. Vice-President (V-P) Ademola Ogunbanjo has announced that the national grid's frequent failures won't hinder the availability of electricity for electric cars in the future.

Ogunbanjo made the claim at the Renewable Energy Association of Nigeria (REAN) Stakeholders Conference with the theme: "Renewable Energy - The Future Is Here," which took place at the Lagos Continental Hotel, Victoria Island. Read more here.

Oil Prices Drop To $86 Per Barrel From $95

Despite efforts by the Organization of Petroleum Exporting Countries (OPEC) to stabilise the price of the commodity, Brent, the world's benchmark for petroleum, saw a price decline on Sunday.

OPEC's September 2022 Oil Market Report data showed that an oil rig in Nigeria was idle in August 2022 as compared to the number of operational rigs in the month before, which coincided with the collapse in oil prices. Read more here.

Nigeria's Fuel Subsidies Exceeded 525 Trillion Naira

The cost of Fuel subsidies in Nigeria increased to 525.714 trillion naira ($1.22 billion) in August, increasing the total amount spent in 2022 to 2.568 trillion naira according to data provided to the government by NNPC,

The Nigerian National Petroleum Corporation's (NNPC) finances are being squeezed by the rising costs of maintaining low gasoline prices in Nigeria . Read more here.

Nigeria's Oil Benchmark Brent Drops To $84 On Recession Concerns, Dollar Surges

Brent, Nigeria's benchmark fell to $84.35 a barrel at around 5.50 p.m. on Monday as the spike in the currency and growing recessionary fears endangered global demand.

Nigeria may have missed out on the oil bonanza that many oil-producing nations have experienced for the majority of 2022 if the trend persists. Read more here.

Ardova Group's Success In 2021 Thrills Company Boss

FILE PHOTO

Nigerian integrated energy company, Ardova Group Chief Executive Officer, Olumide Adeosun has announced that the capital investment made by the company has had a sustained influence on its financial sheet.

Adeosun made the announcement at the 43rd Annual General Meeting (AGM) that took place on Tuesday in Lagos. 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.