The National Oil Spill Detection and Response Agency, NOSDRA, says despite Nigeria’s loss of revenue occasioned by oil theft, the country continues to suffer loss from its gas, as companies operating in the country’s petroleum industry flared 241.1 million standard cubic feet of gas since January this year.
This represents an 18.9 percent increase when compared to the 195.5 million standard cubic feet of gas flared in the corresponding period of 2022.
NOSDRA put the value of this year’s flared gas at just over $843 million, adding that going by the Central Bank of Nigeria’s, CBN current official exchange rate of N832.32/$, this translates to a loss of N702.2 billion potential revenue.
NOSDRA also says that the defaulting companies were liable to fines totaling $482.1 million, which is equivalent to N401.3 billion.
According to NOSDRA, the volume of gas flared during the period under review was equivalent to the carbon dioxide emission of 673.1 thousand tonnes; and had a power generation potential of 24,100 gigawatts hours.