The National Environmental Economic and Development Study (NEEDS) has said that Nigeria flared 225.1 billion standard cubic feet of gas, (bscf) between January and July 2020, stressing that gas flaring in Nigeria’s oil fields has taken a huge toll on the economy.

The environmental cost of gas flaring in Nigeria is $94 million (about N35.7 billion) yearly. According to the agency, the monetary value of the burnt gas in the international market is $787.7 million (about N299.33 billion).

The volume of gas flared was an equivalent of 12.0 million tonnes of carbon dioxide emission. A report from the federal government’s Gas Flare Tracker, stated that the 225.1 bscf of gas flared by the oil and gas firms in the first seven months of 2020 was capable of generating 22,500 gigawatts hour of electricity.

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Source: OrientEnergyReview