Figures from the latest financial report of the Nigerian National Petroleum Corporation (NNPC) have shown that Nigeria lost N103.6bn as a result of gas flaring in 2015, The Punch reports.
According to the NNPC, a total of 271.38 billion standard cubic feet of gas was flared last year. This was despite the corporation’s target of zero flaring of associated gas. Using a gas price of $1.91 per 1,000 standard cubic feet, as published by the NNPC, and an exchange rate of N200 to a dollar, the 271.38bcf of gas flared last year amounted to $518.33m, which is about N103.6bn.
It noted that for the period January to December 2015, a total of 2,656.08bcf of gas was produced, representing an average daily production of 7951.42mmscfd during the period. The report also stated, “Production from Joint Ventures, Production Sharing Contracts and the NPDC contributed about 69.89 per cent, 21.88 per cent and 8.22 per cent, respectively to the total national gas production”.