Nigeria lost $416.224 million, about N127.78 billion to gas flaring in the first five months of the year, as oil and gas companies operating in the country flared a total of 130.07 billion standard cubic feet of gas from January to May 2018.
According to data obtained from the Nigerian National Petroleum Corporation’s (NNPC), May 2018 Monthly Financial and Operations Report, 10.64 per cent of total gas produced in the five-month period was flared.
Specifically, a total of 1.222 trillion standard cubic feet, SCF, of gas was produced in the period under review, out of which 500.06 billion SCF was non-commercialised. On a month-on-month basis, a total of 31.68 billion SCF, 27.25 billion SCF, 26.88 billion SCF, 23.06 billion SCF and 21.20 billion SCF for January, February, March, April and May 2018 respectively.
Data obtained from the NNPC puts the price of natural gas at $3.20 per 1,000 SCF, therefore, using the Central Bank of Nigeria’s (CBN), exchange rate of N307 to a dollar, the flaring of 130.07 billion, translates to loss of N127.78 billion to the country.