The Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu while speaking at the Gas Competence Seminar in Abuja yesterday, said the Federal Government loses between $500million and $1billion yearly to gas flare data falsification in the country, The Nation reports.
According to him, the Federal Government will set up an independent tracking mechanism next year to ascertain the actual volume of gas that is flared in the country, as the commodity is being priced in the United States (U.S.) dollar. The minister also noted that the marginal rise in the price of crude oil in the past few days was not an indication of an imminent boom in the cost of the commodity in the nearest future.
He explained that the decisions by the Organisation of Petroleum Exporting Countries (OPEC) and non-members of the cartel to cut down production may have warranted the marginal rise in crude prices, but stressed that further increase in prices could not be guaranteed as this may not last. He therefore emphasised the need for the country to commercialise its gas resources, stating that crude oil alone cannot sustain the economy.