By Adedapo Adesanya
Nigeria lost an equivalent of N289.7 billion, in 10 months as oil and gas firms operating in the country flared 201.5 billion standard cubic feet (SCF) of gas between January and October 2021.
This was disclosed by the National Oil Spill Detection and Response Agency (NOSDRA) in its latest data which covers the first 10 months of the year.
The NOSDRA report disclosed that the total gas flared in the 10-month period was capable of generating 20,200 gigawatts hour of electricity and equivalent to 10.7 million tonnes of carbon dioxide emission.
The agency, which fact checks oil spill data, further stated that the oil firms are expected to pay the federal government penalties of $403.1 million, an equivalent of N165.5 billion for the gas flaring.
Giving a breakdown of the gas flare volume, NOSDRA reported that oil firms operating onshore flared 104.3 billion SCF in the 10-month period under review, while 97.3 billion SCF of gas was flared offshore.
Furthermore, the agency explained that the 104.3 billion SCF of gas flared onshore was equivalent to a revenue loss of $364.9 million, about N149.8 billion; penalties payable of $208.5 million, an equivalent of N85.6 billion.
The gas flared offshore also has a power generating potential for 10,400 gigawatts hours and is equivalent to a carbon dioxide emission of 5.5 million tonnes.
Specifically, NOSDRA noted that in January, February, March, April and May 2021, 21.44 billion SCF, 15.55 billion SCF, 14.08 billion SCF, 14.13 billion SCF and 4.42 billion SCF of gas was flared onshore, respectively.
It then noted that 8.51 billion SCF, 11.75 billion SCF, 2.1 billion, 3.47 billion SCF and 8.79 billion SCF of gas was flared in June, July, August, September and October 2021, respectively.
On the other hand, the 97.3 billion SCF of gas flared offshore translated to a loss of $340.5 million, an equivalent of N139.82 billion; carbon dioxide emissions of 5.2 million tonnes; power generating potential of 9,700 gigawatts hours and penalties payable is $194.6 million, about N79.91 billion.
Further breakdown showed that 18.33 billion SCF, 11.07 billion SCF, 10.09 billion SCF, 6.55 billion SCF and 8.99 billion SCF of the commodity was flare offshore in January, February, March, April and May 2021.
Meanwhile in June, July, August, September and October 2021, respectively, 6.72 billion SCF, 3.53 billion SCF, 11.78 billion SCF, 8.77 billion SCF and 11.64 billion SCF of gas.
Modupe Gbadeyanka