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  • Oil & Gas - News
  • Updated: March 17, 2024

Weekly oil, gas news highlights from March 10 to March 17, 2024

Weekly oil, gas news highlights from March 10 to March 17, 2

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

NNPC seeks EFCC support in tackling crude oil theft

The Nigerian National Petroleum Company Limited (NNPCL) has approached the Economic and Financial Crimes Commission (EFCC) for assistance in tackling crude oil theft, stressing its adverse impact on oil sector investment.

The Group Chief Executive Officer of NNPCL, Mele Kyari, urged for the EFCC's support in combating the menace during a meeting at the NNPC Towers in Abuja on Monday. Read more here.

Nigeria emerges Africa's top importer of refined petrol

Nigeria has emerged as Africa's leading importer of refined petroleum, according to S&P Global Commodity Insights analysts. 

The disclosure coincides with a significant increase in petrol exports from Europe to the continent, spurred by a boom in crude oil deliveries from the Middle East to Europe, which gained traction following the European Union's ban on Russian oil in April 2023. Read more here.

Biden's plans for emergency reserve boost oil price in US

The US price of sour oil has noticeably increased since the Biden administration announced plans to buy comparable crude for its emergency reserves this summer, according to Bloomberg.

Gulf of Mexico-sourced Mars crude saw a sharp increase in price, closing at a premium of ninety cents above benchmark West Texas Intermediate.  Read more here.

Nigeria's crude oil production drops to 1.32 million barrels

According to the latest data from OPEC's monthly oil market report (MOMR), Nigeria's crude oil production for February decreased to 1.32 million barrels per day from the previous month's production of 1.42 million barrels per day, marking a drop of 104,000 barrels per day. 

The figures reported for the month were based on direct communication from Nigeria to OPEC authorities. Read more here.

Federal High Court dismisses Shell's case over payment of N18 billion to FG

The Federal High Court in Abuja has dismissed Shell Petroleum Development Company of Nigeria Limited's case.

Shell sought an order nullifying the House of Representatives investigation that directed it to pay N18,418,579,188 billion to the federal government for alleged noncompliance with relevant laws in the country. 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 and gas news around the world.

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