NOSDRA's most recent gas flare report has revealed that oil and gas companies operating in the country were responsible for flaring a staggering 147.1 billion standard cubic feet (SCF) of gas valued at $514.9 million, equivalent to about N390 billion using the Central Bank of Nigeria's current exchange rate of N757.5 to a dollar, during the period from January to August 2022.
Furthermore, during the corresponding period in 2023, these same companies flared approximately 171.1 billion standard cubic feet of gas, valued at about $599 million( about N453 billion), which indicates that a total of about N847 billion was lost between January and August in the previous year and the same period this year.
The report further highlights that the gas flared in the first eight months of 2023 possessed the potential to generate a significant 17,100 gigawatts/hour of electricity while emitting a concerning 9.1 million tons of carbon dioxide into the atmosphere. In terms of penalties, the companies responsible were liable for a substantial sum of $342 million, approximately N251 billion.
Comparatively, the report reveals that between January and August 2022, the oil companies faced penalties amounting to about $294 million (N223 billion). During this period, the lost gas had the potential to generate 14,700 GWh of electricity while resulting in carbon dioxide emissions equivalent to 7,800 tonnes.
NOSDRA has identified several offending companies, including Shell Petroleum Development Company, Nigerian Petroleum Development Company, Chevron Nigeria, Mobil Oil, Elf Petroleum Nigeria, Nigeria Agip Oil Company, Addax Petroleum, Texaco Overseas (Nigeria), Cromwell, and South Atlantic Petroleum and other companies which have been involved in gas flaring activities across various oil mining leases and oil prospecting licenses.
