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  • Updated: March 03, 2024

Weekly oil, gas news highlights from February 25 to March 3, 2024

Weekly oil, gas news highlights from February 25 to March 3,

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.

Removal of petroleum subsidies challenging but vital for Nigeria's future — Tinubu

President Bola Tinubu said on Tuesday that the decision to eliminate petroleum subsidies was difficult, but it was a vital step to ensure the country's long-term energy security and economic progress.

The president spoke at the State Banquet Hall, Aso Villa, Abuja, to officially launch the 7th edition of the Nigeria International Energy Summit (NIES 2024). Read more here.

NNPCL promises to end fuel shortage in 10 years

NNPC GMD/CEO, Malam Mele Kyari

The Nigerian National Petroleum Company Limited has assured Nigerians that the country's energy shortages will be resolved within the next ten years.

The Chief Executive Officer of NNPCL Group, Mele Kyari, made the announcement on Tuesday at the opening ceremony of the seventh edition of the Nigerian International Energy Summit, held in Abuja. Read more here.

FG reveals deadline for OB3 gas pipeline completion

The federal government has announced that the Obiafu/Obrikom/Oben (OB3) Gas Pipeline project will be completed by March 2024.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made the announcement on Tuesday during the opening ceremony of the 7th Nigeria International Energy Summit (NIES 2024) at Abuja's presidential banquet hall. Read more here.

FG allocates $22.82bn to 1,068 oil, gas projects

The federal government has declared that around $22.82 billion will be invested in 1,068 oil and gas projects approved between 2022 and 2023.

These initiatives, which span the country, represent a watershed moment for the industry, promising significant economic advantages and increased production capacities. Read more here.

FG pays $120m to gas suppliers to boost production

The Federal Government said it has made a payment exceeding $120 million from the $1.3 billion due to gas suppliers, in a bid to stimulate gas production in the country. 

The Director of the Decade of Gas Secretariat, Ed. Ubong, stated at the 7th Edition of the Nigeria International Energy Summit (NIES 2024) on Thursday that the payment was made to reduce some of the outstanding debts.  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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