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  • Updated: February 04, 2024

Weekly oil, gas news highlights from January 28 to February 4, 2024

Weekly oil, gas news highlights from January 28 to February

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.

NNPC acquires stake in Dangote refinery

The Nigerian National Petroleum Company (NNPC) Ltd. has bought a 20% share in Dangote Refinery for $2.76 billion via a $1.036 investment from Lekki Refinery Investment Limited, with $1 billion paid to Dangote Refinery and $36 million for transaction charges.

According to data from NNPC Ltd's recently released audited financial report for 2022, the state-owned business promised to repay the debt with 35,000 barrels of crude oil per day (bpd). Read more here.

NNPC explores gas projects in talks with South Korean consortium

The Nigerian National Petroleum Company Limited (NNPC Ltd) has met with a South Korean consortium led by Daewoo E&C, with Mele Kyari, the company's Group Chief Executive Officer, overseeing the negotiations in Seoul, South Korea.

The purpose of these discussions is to investigate the potential for gas project development in Nigeria according to Olufemi Soneye, Chief Corporate Communications Officer at NNPC Ltd. Read more here.

FG affirms Port Harcourt Refining's testing progress, expects refined products availability

The Port Harcourt Refining Company is currently undergoing testing, with the Federal Government confirming on Wednesday that refined petroleum products will soon be available from the plant.

It stated this at a briefing in Abuja as oil marketers voiced concern that the recent naira depreciation against the US dollar will increase refined petroleum product pump prices. Read more here.

Oil marketers applaud NSCDC for nabbing fuel thieves in Akwa Ibom

Petroleum marketers under the aegis of the Natural Oil and Gas Supplier Association of Nigeria have commended operatives of the Nigerian Security and Civil Defence Corps, Akwa Ibom State Command, for their efforts that led to the arrest of suspected oil thieves in the state.

NSCDC operatives in the command arrested six suspected oil thieves who disguised themselves as the Joint Security Tax Force of an agency to perpetrate their illegal act. Read more here.

Oil prices dip on Israel-Hamas truce reports, US refinery outage

Oil prices witnessed a decline of over 2% on Thursday, owing to unsubstantiated reports of an Israel-Hamas truce. This, combined with a major refinery in the United States shutting down due to a power outage, added to the reduction.

Despite a Qatari official's claims that there is no ceasefire, it was restated that Hamas had responded positively to a ceasefire request made earlier in the week. 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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