Nigeria burns up N373b through gas flaring in H1 2023 – NOSDRA

Gas flaring cost the treasury N373 billion in the first half of the year ending June (H1 2023) as the waste rose 10 per cent year-on-year (YoY) to 138.7 million metric standard cubic feet (mscf) from 126.1 mscf in H1 2022.

Abuja has expressed commitment to achieving zero flaring by 2060.

 

Gas flared in H1 2023 amounted to $485.3 million or N373 billion based on the current Central Bank of Nigeria (CBN) exchange of N768.6/dollar.

The National Oil Spill Detection and Response Agency (NOSDRA), which disclosed this in its latest data, said oil-producing companies responsible for the flaring would pay $277.3 million (N213 billion) for breaching gas flaring laws.

But judging from previous flare reports, the oil companies are not likely to pay the penalties soon as several billions of dollars are still outstanding against them.

NOSDRA said the volume of gas flared in H1 2023 was equivalent to 7.4 million tonnes of carbon dioxide emission which could have generated 13,900 gigawatts (gw) of electricity per hour.

The agency lamented despite efforts to reduce gas flaring, it has gone on since the 1950s, releasing carbon dioxide and other gaseous substances into the atmosphere.