The Federal Government lost about N843bn to gas flaring between January 2022 and August 2023.
This is according to data obtained from the National Oil Spill Detection and Response Agency (NOSDRA).
NOSDRA, in its latest gas flare report, disclosed that oil and gas companies operating in the country, between January and August 2022, flared 147.1 billion SCF of gas, valued at $514.9m, about N390bn (using Central Bank of Nigeria’s current exchange rate of N757.5 to a dollar.).
Again, the firms, between January and August 2023, flared 171.1 billion standard cubic feet of gas valued at about $599m (N453bn).
This gives a total of about N847bn lost between January and August last year and the same period this year.
According to the report, the volume of gas flared in the eight-month period this year was 16.28 per cent higher compared with the same period in 2022.
It added that the gas flared in the first eight months of this year had the potential of generating 17,100 gigawatts/hour of electricity; while it emitted 9.1 million tons of carbon dioxide into the atmosphere.
In addition, it noted that the offending companies were liable for penalties of $342m, about N251bn, adding, however, that a large chunk of the penalties was never collected by the Federal Government.
In comparison, the oil spill remediation agency stated that between January and August 2022, the oil firms were liable for penalties of about $294m (N223bn) and that the gas lost had a power generation potential of 14,700 GWh of electricity, while it was equivalent to carbon dioxide emissions of 7,800 tonnes.
Some of the offending companies, according to NOSDRA include Shell Petroleum, Development Company, Nigerian Petroleum Development Company, Chevron Nigeria, Mobil Oil, Elf Petroleum Nigeria, Nigeria Agip Oil Company, Addax Petroleum, Texaco Overseas (Nigeria), Cromwell and South Atlantic Petroleum, among others.