ANALYSIS: As Nigeria continues to miss gas flaring deadlines, huge revenue is lost
In 2020 alone, natural gas valued at $1.24 billion was burned by oil companies, one which could generate the annual electricity use of 804 million Nigerian citizens. 5 min read
Since 1979, Nigeria has missed out on ending gas flaring on at least seven occasions. The country is now targetting 2025 to end the environmentally unfriendly, health-damaging and resource-losing act.
Each time Nigeria misses out on the deadlines set to harness gas belching from its oil fields, it loses revenue and an opportunity to ramp up power generation.
Experts believe the gas Nigeria flares on its oil fields could be a huge revenue trove worth billions of dollars if well harnessed for use as liquefied natural gas or for plastics or fertilizers.
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Presenting the motion, the lawmaker said the anomaly in flared volume reportage by the Nigeria Government has caused an outcry from civil society organisations.
He said, the Nigeria Media and the Coalition Against Gas Flare (CAGAF) an umbrella organ of CSOs in the gas flare ecosystem is also raising public awareness on the matter.
According to him, Nigeria gazetted the Flare Gas (Prevention of Waste and Pollution) Regulations 2018 to reduce and eliminate gas flare in the country through monetization and investment in the gas flare ecosystem.
He said after the penalty regime started, the gas flare volumes reported by Nigeria was drastically reduced for 2018 and 2019 and created a huge discrepancy between the gas flared volumes reported by the National Oil Spill Detection and Response Agency (NOSDRA) Gas Flare Tracker (GFT) which is satellite-based and the volumes declared by the Federal Government of Nigeria for the period.
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