Nigeria loses N150 billion in four months to gas flaring – NOSDRA

Between January and April 2023, oil and gas companies doing business in Nigeria flared 92.3 mscf of gas, representing an estimated N150.8 bn.

The data was presented in a recent report by the National Oil Spill Detection and Response Agency (NOSDRA).

It is a 79.5% increase over the 50.3 mscf of gas flared in 2022.

As a result of breaking the laws against gas flaring for four months, the oil-producing companies in charge of this flaring are likely to pay fines totaling $184.6 million (equal to N85.7 billion).

According to the analysis, the amount of gas flared over the course of four months is equivalent to 4.9 million tonnes of carbon dioxide emissions and has a 9,200 gigawatt-hour potential for electricity production.

According to the data, monthly gas flares in January, February, March, and April totaled 23.2 mscf, 27.1 mscf, 25.9 mscf, and 16.1 mscf, respectively.