Gas flaring: Nigeria loses N127.78bn
.Records 187.81billion SCF of gas supply in 5 months
By Udeme Clement
The whooping sum recorded by Nigeria’s economy due to gas flaring by oil companies operating in the country is estimated at N127.78 billion.
Financial Business learnt that the N127.78 billion stated above is the amount the economy lost in just five months, from January to May, 2018 fiscal year,
as oil/gas firms doing business in Nigeria flared a total of 130.07 billion Standard Cubic Feet, SCF, of gas within the period under review.
The report from Nigerian National Petroleum Corporation, NNPC, revealed that a total of 1.222 trillion SCF of gas was produced within the same period but 500.06 billion SCF out of total amount was non-commercialised.
The report also shows that the total domestic gas supply from January to May this year was 187.81 billion SCF and the total export gas was 534.27 billion SCF under the commercialised gas segment data.
More so, within the same period,130.07 billion SCF was flared under the non-commercialised gas segment report.