Oil Cos paid N1.8bn in fines for gas flaring between Jan-Sept 2015

According to data from the Central Bank of Nigeria (CBN), oil and gas companies operating in Nigeria were fined N1.81 billion in nine months, between January and September 2015, for flouting Federal Government’s directives on gas flaring, Vanguard reports.

The CBN in its Third Quarter Statistical Bulletin revealed that in the first quarter of 2015, oil firms paid N670 million as penalties for gas flaring, while N790 million and N350 million were paid as penalty in the second and third quarters respectively.

In addition to the penalties for gas flaring, the Federal Government also earned N424.27 billion and N310 million as royalties and rent respectively, from the oil companies in the nine-month period.

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