Gas flaring: FG loses over N19.6bn

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Gas flaring: FG loses over N19.6bn

By Joel ThankGod (Financial Business, Abuja)

Facts emerged that the Federal Government has incurred losses, which amounted to over N19.6billion, to gas flaring in just one month.

These figures formed part of the data from Nigerian National Petroleum Corporation, NNPC, contained in its monthly financial and operations report for January 2019.

The report also revealed that oil and gas companies operating in Nigeria flared about 18.30 billion Standard Cubic Feet, SCF, of gas, as at January 2019 fiscal year.

In analysing the data, the report shows that the huge amount of N19.6 billion lost to gas flaring is equivalent to $64.05 million, which represents 16.4 per cent decline from $76.62 million, that is about N23.44 billion losses incurred in December last year, (2018).

According to the report, the volume of gas flared in January stands at 7.48 per cent of the total gas production of about 244.65 billion SCF for the month, if compared to December, when the volume of gas flared was 9.09 per cent of total gas production, which was 240.59 billion SCF.

The decline shows effort by government in tackling gas flaring in the country.

The report also shows that non-commercialised gas appreciated by 4.11 per cent from 89.46 billion SCF, as at December 2018, to about 93.14 billion SCF in January 2019.

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