Nigeria loses N105.9bn to gas flaring in six months – Today

Nigeria lost about $336.33 million in the first half of 2016, as oil and gas companies operating in the country flared 112.11 billion Standard Cubic Feet (SCF) of gas between January and June 2016, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.”

At the Nigerian Gas Company’s average gas price of $ per $1,000 SCF of the commodity, the flaring of 112.11 billion SCF translates to a loss of $336.33 million or N105.9 billion at current exchange rate.

Giving a month-on-month, MoM, breakdown of the volume of gas flared by oil and gas companies in the period under review, the report stated that in January 2016, 22.32 billion SCF of the commodity was flared; 20.38 billion was flared in February; 20.11 billion SCF in March, while in April, May and June, 18.7 billion SCF, 15.8 billion SCF and 14.8 billion SCF respectively were flared.

NNPC, in its Monthly Financial and Operational Report for the month of June 2016, also stated that the country earned $451.24 million or N142.14 billion, from gas export in H1’16.

In addition, the NNPC report stated that the country earned N13.528 billion from domestic sale of gas in the period under review.

The report further stated: “The MoM breakdown of the amount earned from gas export in H1’16 showed that the country raked in $135.89 million, $72.53 million, $2.28 million, $131.17 million, $60.25 million and $49.12 million, in January, February, March, April, May and June 2016, respectively.