The Nigerian Oil Spill Detection and Response Agency (NOSDRA) has stated that Nigeria from 2011 to 2021 recorded loss of over $22.9 billion to gas flaring.
Adeshida, who underscored the need for proper monitisation of gas flaring in Nigeria said, the Country flared more than 4.2 billion standard cubic feet of gas leading to the Country’s loss of more than $14.6 billion from 2012 to 2021.
Read also: Gas flares drop lowest in six months on low oil output
“This is in addition to $8.3 billion loss in penalty for the wastage totalling $22.9 billion dollars loss within the same period.”
For Mohammed Shehu, chairman of RMAFC, the gas sector has been identified as a critical economic sector, in view of the current government’s mandate to shore up revenue.
According to him, working with NUPRC and NOSDRA as regulatory bodies will ensure the right quality and quantities of gas production alongside adherence to enviromental standards for host Communities.
Read also: Gas flares drop lowest in six months on low oil output
Shehu therefore called on all the relevant stake holders in the management of gas economy to strategise on ways to convert gas flare to economic use for enhancing revenue generation into the Federation Account.
Also speaking, Babajide Fashino, the Director of Economic Regulation and Strategic planning of NUPRC, said that Nigeria is at the fore front of managing gas flaring in line with global best practices for economic growth and sustainability.
Read also: Gas flaring penalties hit $341m in 10 months
According to Fashino, the government has introduced metering system and callibration of the meters for accurate records of gas management. “The introduction of such technologies has gone a long way in reducing gas flaring in Nigeria from 40 percent to not more than 7 percent.”
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