“Insignificant losses incurred as gas flaring slightly rises in H1’23, even upon the government’s ambition to achieve zero gas flaring by 2060, there was a marginal increase in gas flaring during the first half of 2023. The amount of gas flared showed a slight uptick to 138.7 million metric standard cubic feet (MSCF) compared to the previous year’s 126.1 MSCF.
This flared gas had an estimated value of approximately $485.3 million, which equals a sizeable amount in local currency at the current exchange rate.
The National Oil Spill Detection and Response Agency (NOSDRA) recently shared these figures and stated that oil-producing companies responsible for the flaring could face certain penalties for violating gas flaring laws during the mentioned period.
Historical records suggest that the collection of these penalties from the firms may face delays, as outstanding amounts against some of the companies still need resolution.
The volume of gas flared during this period had an equivalent impact in terms of carbon dioxide emissions, which could have been utilized differently to generate substantial electricity.
NOSDRA expressed concerns about the ongoing gas flaring issue, which has been prevalent in Nigeria for decades, leading to emissions of carbon dioxide and other gases.
To address this concern, the House of Representatives formed an Ad hoc Committee to investigate the issue of gas flaring, aiming to better understand and mitigate its environmental, social, and economic impacts.
The Speaker of the House, Tajudeen Abbas, emphasized the need to find ways to avoid these insignificant losses due to gas flaring. Official records indicate some losses in revenue that could have been utilized more effectively.
It is essential to address this issue promptly and find sustainable solutions to prevent any further losses associated with gas flaring.
