Nigeria lost $59.85 million to gas flaring in January 2020, as oil and gas operating in the country flared 19.95 billion standard cubic feet (SCF) of gas in the month under review, according to data released by the Nigerian National Petroleum Corporation (NNPC).
In its Monthly Financial and Operations Report for January 2020, the NNPC stated that volume of gas flared in January was 7.61 per cent higher than the 18.54 billion SCF flared in December 2019.
Using an average price of $3 per 1,000 SCF of gas for January 2020, and an average exchange rate of N307 to a dollar, 19.95 billion SCF of gas flared translates to a loss of N18.37 billion to the country.
The NNPC report further stated that total gas flared in January accounted for 7.87 per cent of total gas supply of 253.09 billion SCF of the commodity in the month under review.
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