Nigeria Has Lost N53.26 Billion In Two Months Due To 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 […]



The CBN’s N250 Billion Gas Intervention Aims To Increase LPG Penetration

As Nigeria strives to double domestic Liquefied Petroleum Gas (LPG) consumption to five million metric tonnes (mmt) by 2021, stakeholders stressed Wednesday that financial incentives may help the country leapfrog clean energy and solve looming health and environmental risks. The experts, who emphasized that the country must move quickly to meet the Sustainable Development Goals and the Paris Climate Accord, noted that unless urgent measures are made, the country may continue to rely heavily on fossil fuels. The experts consequently advised industry participants to leverage the Central Bank of Nigeria’s (CBN) N250 billion intervention facility to alleviate bottlenecks in the[…]