Gas Flaring

In the first two months of this year, Nigeria lost an estimated N53.26 billion as international oil corporations and local players flared a total of 33.04 billion standard cubic feet of natural gas. According to data received from the Nigerian National Petroleum Corporation, oil companies lost 17.53 billion scf of gas in February, compared to 15.51 billion scf in February. The 33.04 billion scf flared corresponds to an estimated loss of $129.85 million or N53.26 billion (using the official exchange rate of N410.13/dollar) at a price of $3.93 per 1,000 scf as of Wednesday. According to the NNPC’s latest monthly […]