In the past six months, the nation has lost up to N99 billion in monetary terms to gas flaring, according to the Nigerian National Petroleum Corporation (NNPC) in its quarterly petroleum information bulletin seen by a source of ours, 222.8 million standard cubic feet (mscf) of gas was flared, which if processed and exported for that period would have minimized environmental hazards and would have fetched the country N99 billion.
A breakdown of that report has it that Shell, Chevron and ExxonMobil accounted for 67% of total gas flared in that period which is equivalent to N67 billion in monetary terms, using the current international price of $2.83.
Chevron topped the list by flaring 59.7 million standard cubic feet (mscf) out of 130.2 mscf produced, ExxonMobil flared 56.6 mscf, out of 212.9 mscf, with monetary value equivalent to N27 billion and N25 billion respectively.
Shell however flared a relatively small part of 414.3 mscf it produced, it flared 33.9 mscf which equaled N15 billion in monetary value, Join Venture Companies however accounted for the remaining 73 mscf flared.
Come December 31st, 2012, No flaring shall occur in any oil and gas production operation according to the newly drafted oil bill, except ofcourse under exceptional circumstances which will warrant the permission of the Minister, else they shall be liable to pay a fine which shall not be less than the value of the gas flared.
Nigeria comes second to Russia in terms of gas flaring worldwide.
(Edited by: Blueblock)
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