Vanguard News: Nigeria loses N27bn to gas flaring in one month

Nigeria lost about $170.166 million, around N27.227 billion to gas flaring in one month, as oil and gas companies flared 39.07 billion Standard Cubic Feet (SCF) of gas in the month of August 2014.

Quoting data from the New York Mercantile Exchange (NYMEX), Bloomberg put the price of natural gas at $4.27 per million British Thermal Unit (BTU) of gas. A Standard Cubic Feet of gas is equal to 1,020 BTU of gas.

The Nigerian National Petroleum Corporation, in its latest report on activities in the oil and gas sector for the month of August 2014, revealed that the oil and gas companies produced a total of 226.255 billion SCF of gas, utilised 187.85 billion SCF and flared 39.070 billion SCF.

Specifically, the quantity flared represents 17.27 per cent of the total quantity of gas produced. Marginal Fields operators were the worst offenders in the month under review, flaring 81.58 per cent of their total gas production. Specifically, Marginal Fields produced 1.223 billion SCF of gas, utilized 805.424 million SCF and flared 997.587 million SCF of gas.
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