Dublin, Ireland — Nigeria lost $169 million, an equivalent of N69.53 billion, in one month, as oil and gas companies operating in the country flared 48.3 billion standard cubic feet (BSCF) of gas.
The National Oil Spill Detection and Response Agency, NOSDRA, which stated this in its report of gas flaring in the country, disclosed that the volume of gas flared in November was 136.76 per cent higher, when compared with the 20.4 billion SCF of gas, valued at $71.5 million, an equivalent of N29.42 billion, flared in October.
In addition to the actual value of gas lost to flaring in November 2021, NOSDRA disclosed that the companies are also liable to pay total fines of $96.6 million, about N39.74 billion; compared with penalties of $40.9 million (N16.83 billion) recorded in the previous month.
The oil spill monitoring agency also noted that the volume of gas flared in the month under review is an equivalent of 2.6 million tonnes of carbon dioxide emitted into the environment: and also capable of generating 4,800 gigawatts hour of electricity.
Giving a breakdown, the NOSDRA report stated that oil companies operating onshore flared 22.8 billion SCF of gas valued at $79.8 million, about N32.83 billion, in the month under review; with penalties payable at $45.6 million (N18.76 billion); equivalent to 1.2 million tonnes of carbon dioxide emissions and capable of generating 2,300 gigawatts hour of electricity.
Conversely, NOSDRA noted that oil firms operating offshore flared 25.5 billion SCF of gas valued at $89.1 million, about N36.66 billion, in the month under review; with penalties payable at $50.9 million (N20.94 billion).
The gas flared offshore in November, according to NOSDRA, is also capable of generating 2,500 gigawatts hour of electricity and is equivalent to 1.4 million tonnes of carbon dioxide emissions.
Furthermore, in the country’s onshore operating areas, NOSDRA reported that among oil producing states, Delta State recorded the highest volume of gas flared in the month under review, with 5.639 billion SCF of gas; followed by Rivers State with 3.83 billion SCF of gas and Bayelsa state, with 2.702 billion SCF of gas.
Others are Edo, 1.065 billion SCF of gas; Imo State, 495.94 million SCF; Akwa Ibom, 252.76 million SCF and Anambra, 32.83 million SCF of gas.