A recent report from the National Oil Spill Detection and Response Agency (NOSDRA), has indicated that multinational oil and gas companies operating in Nigeria flared more than 92 million standard cubic feet of gas worth N150.8 Billion in Nigeria between January and April 2023.
This represents a significant increase of 79.5% compared to the 50.3 million cubic feet of gas flared in the same period last year. The estimated value of the flared gas amounts to approximately N150.8 billion.
The report highlights that these oil-producing companies will face penalties of $184.6 million (equivalent to N85.7 billion) for violating gas flaring regulations during the four-month period. Additionally, the volume of gas flared in this period is equivalent to emitting 4.9 million tonnes of carbon dioxide and could potentially generate 9,200 gigawatts of electricity per hour.
NOSDRA’s report provides a month-by-month breakdown of gas flaring, with 23.2 million cubic feet, 27.1 million cubic feet, 25.9 million cubic feet, and 16.1 million cubic feet of gas flared in January, February, March, and April, respectively. These figures demonstrate the ongoing challenge of gas flaring in Nigeria and the environmental and economic implications it carries.
