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Oil firms flare N424bn gas in 11 months – FG

Oil firms flare N424bn gas in 11 months – FG

The National Oil Spill Detection and Response Agency, NOSDRA, has disclosed that oil and gas firms operating in the country flared 318.6 billion standard cubic feet (BCF) of gas in 11 months, between January and November 2020.

According to a report by the Federal Government agency, this translated to a loss of $1.12 billion, an equivalent of N424.48 billion, to the country, using the Central Bank of Nigeria’s (CBN) average exchange rate of N379 to a dollar. NOSDRA added that the volume of gas flared by the companies was equivalent to fines valued at $637 million, about N241.423 billion, many of which it said, are not collected from the oil and gas firms.

It further stated that as a result of the volume of gas flared in the 11-month period, 17 million tonnes of Carbon dioxide (CO2) was emitted into the atmosphere contributing to global warming. It also averred that 31,900 GigaWatt hours of potential power generation went to waste, as a result of the quantity of gas flared, adding that this wasted energy was equivalent to the annual electricity use of 723 million Nigerian citizens.

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Source: SweetCrudeReports

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