9.5 C
London
Wednesday, April 24, 2024
HomeNewsNigeria loses N150bn to gas flaring in four months – NOSDRA

Nigeria loses N150bn to gas flaring in four months – NOSDRA

Date:

Related stories

Nigeria To Attract Foreign Savings With New Diaspora Bond, Says Edun

By Goodluck B Ikiebe As the World Bank-IMF Spring Meetings...

Edo 2024 : Major Political Parties Battle For Reconciliation As Campaign Set To Begin

By Our Correspondent The battle over who succeeds Governor Godwin...

Nigeria’s Anti Corruption Body Arraigns Cubana Chief Priest On Three Counts Charge For Naira Abuse

By Goodluck B Ikiebe The Economic and Financial Crimes Commission...

Nigeria Police Gives Award To Personnel For Outstanding Performance

By Goodluck B Ikiebe. The Apolitical CP Of Rivers State...
spot_imgspot_img

Oil and gas companies operating in Nigeria flared 92.3 million standard cubic feet of gas, mscf, worth an estimated N150.8 billion, between January and April 2023.

The figure was contained in a recent National Oil Spill Detection and Response Agency (NOSDRA) report.

It represents a 79.5 per cent increase against 50.3mscf of gas flared in 2022.

Consequently, the oil-producing firms responsible for this flaring are expected to pay penalties of $184.6 million (an equivalent of N85.7 billion) for breaching the gas flaring laws in the four months.

The report also noted that the volume of gas flared in the four months is equivalent to 4.9 million tonnes of carbon dioxide emission and has a power generation potential of 9,200 gigawatts of electricity per hour.

On a month-on-month basis, the report noted that in January, February, March and April, 23.2 mscf, 27.1 mscf, 25.9 mscf and 16.1 mscf of gas were flared, respectively.

Global News Network Correspondent
Global News Network Correspondenthttps://globalnewsnetwork.com.ng
GNN is a News blog based in Nigeria to educate, inform and Analyse issues of interest like Politics, Health, Solid Minerals, Energy and Power, Transportation, Defence and Security, Sports and Entertainment to our teeming audience. Stories are generated by seasoned veteran Editors and Journalists. We Say It As It Is.

Latest stories

spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here