Nigeria loses N343b as oil firms burn 265 bcf of gas in 9 months

Oil and gas firms operating in the country flared 265.18 billion standard cubic feet, bcf, of gas between January and September 2020. This, however, represented a decline of 23.6 per cent compared to 347.15 bc of gas flared in the corresponding period of 2019.

According to the data obtained from the National Oil Spill Detection and Response Agency, NOSDRA, the 265.18 bcf of gas flared in the nine-month period of 2020, translated to a loss of $928.3 million, an equivalent of N343.47 billion.

Oil producing firms responsible for the flaring are expected to pay penalties amounting $530.5 million (an equivalent of N196.29 billion) for breaching the gas flaring laws in the nine-month period.

The volume of gas flared in the nine-month period is also an equivalent of 14.1 million tonnes of carbon dioxide emission and has a power generation potential of 26,500 gigawatts per hour.

Giving a breakdown of the volume of gas flared by oil and gas companies in the first nine months of 2020, the NOSDRA gas flare data stated that companies operating at onshore oil fields flared 154.8 bcf of gas, valued at $541.7 million, an equivalent of N200.43 billion, while companies operating offshore flared 110.5 bcf of gas, valued at $386.6 million, an equivalent of N143.04 billion.

READ ALSO: https://www.thexpressng.com/2020/11/10/tech-brand-jumia-betting-on-spinning-off-its-logistics-arm-to-deliver-profits/

The gas flared by the firms operating onshore attracted penalties of $309.5 million, about N114.52 billion; while it is an equivalent of 8.2 million tonnes of carbon dioxide emission; and is capable of generating 15,500 gigawatts per hour of electricity.

The volume of gas flared offshore, attracted penalties of $220.9 million, about N81.73 billion; represented an equivalent of 5.9 million tonnes of carbon dioxide emission; and electricity generation potential of 11,000 gigawatts per hour.

On a month-on-month basis, the report noted that in January, February, March, April, May, and June, 38.54 BCF of gas, 32.02 BCF, 35.8 BCF, 39.49 BCF, 38.88 BCF and 29.05 BCF of gas were flared respectively, while 18.34 BCF, 24.77 BCF and 8.29 BCF of gas were flared in July, August and September 2020, respectively.

In comparison, in January, February, March, April, May, June, July, August and September 2019, 41.82 BCF of gas, 39.33 BCF, 47.63 BCF, 41.89 BCF, 42.87 BCF, 40.8 BCF, 26.55 BCF, 36.11 BCF and 30.15 BCF of gas were flared respectively.

NOSDRAt
Comments (0)
Add Comment