According to the report from the National Oil Spill Detection and Response Agency, NOSDR, Nigeria lost $169 million, an equivalent of N69.53 billion, in one month, due to the flaring activities of oil and gas firms in the country which reportedly flared 48.3 billion standard cubic feet (BSCF) of gas.
NOSDRA, which gave this figure in its latest report said that the volume of gas flared in November was 136.76 per cent higher, when compared with the 20.4 billion SCF of gas, valued at $71.5 million, an equivalent of N29.42 billion, flared in October.
Aside the actual value of gas the country lost to flaring in November 2021, NOSDRA stated that oil and gas firms are also liable to pay total fines of $96.6 million, about N39.74 billion; compared with penalties of $40.9 million (N16.83 billion) recorded in the previous month.
It noted that the volume of gas flared in the month in question is an equivalent of 2.6 million tonnes of carbon dioxide emitted into the environment, which has the potential of generating 4,800 gigawatts hour of electricity.
In its breakdown of the figures, the NOSDRA report further averred that oil companies operating onshore flared 22.8 billion SCF of gas valued at $79.8 million, about N32.83 billion, in the month under review; with penalties payable at $45.6 million (N18.76 billion); equivalent to 1.2 million tonnes of carbon dioxide emissions and capable of generating 2,300 gigawatts hour of electricity.
The gas flared offshore in November, according to NOSDRA, is also capable of generating 2,500 gigawatts hour of electricity and is equivalent to 1.4 million tonnes of carbon dioxide emissions.