Nigeria loses N96bn to gas flaring over 5 months – NNPC

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Oil and gas companies operating in the country flared a total of 108.91 billion standard cubic feet of natural gas in the first five months of the year, causing the country an estimated loss of N95.8bn, The Punch reports.

The latest data obtained from the Nigerian National Petroleum Corporation on Friday showed that 24.77 billion scf of gas was flared in January; 20.42 billion scf in February; 21.47 billion scf in March; 20.50 billion scf in April, and 21.75 billion scf in May.

The amount of gas flared in the first five months of this year increased by 11.6 billion scf, compared to the volume flared in the corresponding period last year. With the price of natural gas put at $2.88 per 1,000 scf as of August 9, 2017, the 108.91 billion scf flared translates to a loss of $313.6m or N95.8bn (using the official exchange rate of N305.75/dollar).