Nigeria lost $535.07 million, about N163.33 billion to gas flaring in nine months, as the Nigerian National Petroleum Corporation (NNPC), international and indigenous oil companies flared 176.59 billion Standard Cubic Feet (SCF) of gas between January and September 2016, Vanguard reports.
This was according to the NNPC’s Monthly Financial and Operations Report for the Month of September 2016. Using the NNPC’s current gas price of $3.03 per 1,000 SCF of gas and the Central Bank of Nigeria’s (CBN), current exchange rate of N305.25 to the dollar, 176.59 billion SCF of gas flared translates to a loss of N163.33 billion ($535.07 million) to the country.
The report pointed out that the amount of gas flared in the nine-month period represented 77% of total domestic gas; 20.9% of total export gas and 20.7% of total export gas. Specifically, the report added a total of 1.927 trillion SCF of gas was produced in Nigeria in the nine-month period, with 227.95 billion SCF utilized for domestic gas; 845.28 billion SCF was exported; 176.59 billion SCF was flared, while total non-commercialised gas was 853.48 billion SCF.