The federal government has said 50.3 Standard Cubic Feet of gas valued at N81 billion Naira ($176 million) was lost to gas flaring in two months (January to February 2023) despite the energy crisis.

Also, the government said it would impose a N22 billion ($49m) fine on oil and gas companies operating onshore for flaring 24b Standard Cubic Feet of gas valued at about N40 billion ($86m) for two months (January and February 2023).

Recent data from National Oil Spill Detection and Response Agency, NOSRDA, explained that the companies operating onshore would pay the penalties for violating the gas flaring rule.

NOSRDA said the volume of gas flared in both months was 11.9 per cent lower than the 57.1 billion SCF of gas flared in the same period in 2022.

In perspective, the volume of flared gas is equivalent to carbon dioxide emission of 2.7 million tonnes and has a power generation potential of 5,000 gigawatts hour of electricity.

“Companies operating onshore flared 24.5 billion SCF of gas valued at $85.8 million, with $49 million penalties payable,” the agency stated.