Dublin, Ireland — Nigeria, despite facing dwindling economic fortunes amid declining revenue and huge debt burden, lost $514.7 million, about N222.35 billion, to gas flaring in eight months, as oil firms operating in the country flared 147.1 billion standard cubic feet (SCF) of gas between January and August 2022.
According to data released by the National Oil Spill Detection and Response Agency (NOSDRA), the quantity of gas flared between January and August 2022, was 12.9 per cent lower than the 168.9 billion SCF of gas, valued at $591.1 million, about N255.355 billion, flared in the same period in 2021.
NOSDRSA noted that the volume of gas flared in the period under review in 2022 was equivalent to carbon dioxide emissions of 7.8 million, capable of generating 14,700 gigawatts hour of electricity, while the firms were liable to pay to the government, fines of $294.1 million, about N127.05 billion.
In comparison, the 168.9 billion SCF of gas flared in the same period in 2021 attracted penalties of $337.7 million, about N145.886 billion; while it was equivalent to carbon dioxide emissions of 9.0 million tonnes and was capable of generating 16,900 gigawatt-hour of electricity.
Breakdown of the gas flare data for the 2022 period showed that companies operating in Nigeria’s onshore oil territory flared 74.9 billion SCF of gas, valued at $262 million (N113.184 billion); an equivalent of 4.0 million tonnes of carbon dioxide emissions and 7,500 gigawatt-hour electricity generation potential; while the firms were liable for penalties of $149.7 million, an equivalent of N64.67 billion.
Specifically, NOSDRA data pointed out that in January, February, March and April 2022, onshore oil firms flared 19.143 billion SCF of gas; 14.031 billion SCF; 10.488 billion SCF and 6.629 billion SCF, respectively; while 8.715 billion SCF, 4.875 billion SCF; 5.581 billion SCF and 5.397 billion SCF of gas was flared in May, June, July and August 2022, respectively.
On the other hand, the oil spill regulator stated companies operating in the country’s offshore oil exploration and production territory flared 72.2 million tonnes of gas in the eight-month period of 2022, valued at $252.7 million, about N109.166 billion; and were liable to pay penalties of $144.4 million (N62.381 billion); while the gas flared was equivalent to 3.8 million tonnes of carbon dioxide emissions and had power generation potential of was equivalent to 7,200 gigawatt-hour of electricity.
Particularly, NOSDRA reported that 10.831 billion SCF, 13.088 billion SCF; 6.003 billion SCF and 14.85 billion SCF of gas was flared by companies operating offshore in January, February, March and April 2022 respectively, while in May June, July and August 2022, the companies flared 12.582 billion SCF, 4.812 billion SCF; 3.729 billion SCF and 6.295 billion SCF of gas respectively.
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