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Nigeria loses N81bn to Gas Flaring in 2 Months

By Adaobi Rhema Oguejiofor

The Federal Government has said that 50.3 Standard Cubic Feet (SCF) of gas, valued at N81 billion and equivalent to $176 million, was lost as a result of gas flaring in two months, despite the energy crisis.

According to data from the National Oil Spill Detection and Response Agency (NOSRDA), it was revealed that the companies operating onshore would face punishments for violating the gas flaring rule.

The Nigerian government has confirmed its plans to impose a N22 billion fine, which is equivalent to $49 million on oil and gas companies operating onshore for flaring 24.5 billion (SCF) of gas worth about N40 billion, which is equivalent to $86 million in January and February 2023.

NOSRDA says that the volume of gas flared in both January and February 2023 was 11.9 percent lower than the 57.1 billion SCF of gas flared within the same period in 2022.

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