Nigeria loses N99bn in 6 months

04 October 2012, Sweetcrude, LAGOS – THE Nigerian National Petroleum Corporation, NNPC, says the nation lost about N99 billion to gas flaring in the last six months.

It said in its quarterly petroleum information bulletin that Nigeria flared an estimated 222.8 million standard cubic feet, mscf, of gas in the six months.

This volume of gas would have earned for the country about N99 billion if it had been processed and exported to the world market.

According to the report, Chevron, ExxonMobil and Shell, accounted for 67 percent of total gas flared in the first six months of year 2012.

Specifically, Chevron flared 59.7 mscf while ExxonMobil flared 56.6mscf.
Shell, the nation’s leading operator, flared 33.9 mscf, a relatively small part of the 414.3 mscf it produced.

The remaining 73 mscf of gas flared is accounted for by other Joint Venture Companies (33 mscf); production sharing contract (33mscf); service contract companies (5 mscf), indigenous companies and marginal fields (2 mscf).

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