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Nigerian oil, gas firms flare $1.24bn gas in 12 months

While end appears not in sight over the high cost of cooking gas in Nigeria, the country continued to reel under the burden of waste of this essential commodity, as oil and gas companies operating in the country flared 354 billion cubic feet (BCF) of gas in the whole of 2020, according to data released by the National Oil Spill Detection and Response Agency (NOSDRA).

The volume of gas flared in the 12-month period, according to the NOSDRA’s report on gas flaring by oil firms, represented a loss of $1.24 billion, an equivalent of N469.96 billion, to the Nigerian economy, a 22.5 per cent decline compared to the $1.6 billion (N606.4 billion) lost to gas flaring in 2019.

The report also noted that the volume of gas flared in 2020, was 24.07 per cent lower than the 466.2 BCF of gas flared in 2019.

The NOSDRA report highlighted that the 354 BCF of gas flared in 2020 was equivalent to 19 million tonnes of Carbon dioxide (CO2) emission into the atmosphere, contributing to global warming.

It added that the companies were liable to a fine of $708 million, about N268.332 billion, many of which it claimed are not collected from the oil companies, while it also stated that the flared gas was capable of generating 35,400 gigawatts hours of electricity, equivalent to the annual electricity of 804 million Nigerian citizens.

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Source: SweetCrudeReports

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