Nigeria loses N379bn to gas flaring in 12 months

Data has revealed that oil and gas companies flared 260.3 billion standard cubic feet of gas (SCF) between January and December 2021. The monetary value of burnt gas in the international market is worth over N379.4 billion.

These figures were released recently by the National Oil Spill Detection and Response Agency (NOSDRA).

This wastage is coming against the backdrop of dwindling oil revenue and increasing debt and continuous epileptic power supply in the country.

According to the agency, the amount lost to gas flaring in 2021 is 24.1 per cent lower than the $1.2 billion lost to the activity in 2020 but the impact remains enormous.

It noted that the volume flared in 2021 was 260.3 billion SCF, 26.4 per cent lower than the 353.6 billion SCF flared by the oil companies in 2020.

The previous year the penalties for the oil companies were $707.2 million, an equivalent of N294.47 billion.