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Nigeria loses N217b to gas flaring - Printable Version +- Forums (http://contripeople.com) +-- Forum: Retired Forums (http://contripeople.com/forumdisplay.php?fid=78) +--- Forum: Retired Forums. Please Make Your Post Within The 3 Forums In General Discussion (http://contripeople.com/forumdisplay.php?fid=49) +---- Forum: Oil/Gas (http://contripeople.com/forumdisplay.php?fid=41) +---- Thread: Nigeria loses N217b to gas flaring (/showthread.php?tid=29451)

Nigeria loses N217b to gas flaring - Edoman - 02-28-2020 Nigeria loses N217b to gas flaring February 28, 2020 [/url] [url=https://thenationonlineng.net/wp-content/uploads/2019/08/The-Nigerian-Senate.jpg]   NIGERIA lost N217billion to gas flaring in 2018, it was learnt on Thursday. This is even as a bill which seeks to prohibit and punish gas flaring in the country, scaled second reading in Senate on Thursday. The bill titled: “Gas Flaring (Prohibition and Punishment) Bill, 2020” was sponsored by Senator Albert Bassey Akpan (Akwa-Ibom Northeast). The bill was passed by the Eighth Senate in 2018 but failed to get the concurrence of the House of Representatives before the session elapsed. Bassey who disclosed this in his lead debate, said the passage of the bill will lead to rapid infrastructural development of the oil and gas sector and enhanced revenue for the Federal Government. He said it would also improve the life of the people of the Niger Delta, both socially and environmentally. He noted that flaring of natural gas is one of the most dangerous environmental and energy waste practices in the Nigerian petroleum industry. Bassey said: “Gas flaring affects the environment and human health, results in economic loss, deprives the government of associated tax revenues and trade opportunities, and deprives consumers of a clean and cheaper energy source and environment. “Available data from the Nigerian National Petroleum Corporation (NNPC) has shown that in 2018, Nigeria lost over N217billion in revenue as oil and gas companies flared a total of 244.84 billion standard cubic feet (scf) of natural gas within the same period. “With the average price of natural gas put at $2.90 per 1,000 scf as of February 16, 2017, the 244.84 billion scf flared translates to a loss of $710m or N217bn (using the official exchange rate of N305.25/ dollar). “This volume of flared gas according to analysis, is sufficient to feed 3 LNG trains or generate 3.5 GW of electricity (Nigeria’s average power generation). This is apart from the unquantifiable social, health and environmental impacts. “The latest report from the NNPC also shows that in 2016, 22.32 billion scf of gas was flared in January; 20.38 billion scf in February; 20.11 billion scf in March; 18.7 billion scf in April; 15.8 billion scf in May, and 14.8 billion scf in June. “Similarly, in the second half of the year, the country recorded the highest volume of gas flared in November at 24.54 billion scf, up from 22.60 billion scf in October; 21.5 billion scf in September; 21.14 billion scf in August, 21.79 billion scf in July and a total of 21.15 billion scf in December.”