The Punch: Nigeria loses N170bn to gas flaring

Nigeria lost about $1bn (N170bn) as oil companies operating in the country flared a big chunk of the gas produced from January to September 2014, analysis of data obtained from the Nigerian National Petroleum Corporation has shown.

According to data from the NNPC, about 296 billion standard cubic feet of natural gas was flared in the nine-month period.

With natural gas price now about $3.30 per 1,000 scf, 296 billion scf of gas amounts to about $1bn.

International oil companies and indigenous players burnt a total of 43.7 billion scf in January (19.17 per cent of total production), 50.1 billion scf in February (23.20 per cent of production) and 38.3 billion scf in March (17.77 per cent of output).
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