The country lost at least N94bn in four months as oil and gas companies flared a total of 87.03 billion standard cubic feet of natural gas in that period, The Punch reports.
The latest monthly report from the Nigerian National Petroleum Corporation showed that 22.60 billion scf of gas was flared in October; 21.50 billion scf in September; 21.14 billion scf in August; and 21.79 billion scf in July, this year. It stated that out of the 215.43 billion scf of gas produced in October, a total of 121.63 billion scf was commercialised, comprising of 29.29 billion scf and 92.34 billion scf for the domestic and export markets, respectively.
The gas flare rate in the month was 10.49 per cent, compared with the average flare rate of 9.36 per cent for the period of November 2015 to October 2016. With the price of natural gas put at $3.54 per 1,000 scf as of December 22, the 87.03 billion scf flared translates to a loss of $308m or N94bn (using the official exchange rate of N305.25/dollar).