Oil Firms Flared Gas Worth N128bn in 11 Months

gas flaringGas is flared off from Petroleos Mexicanos offshore platforms producing oil in the Gulf of Mexico. Photographer: Susana Gonzalez
  • Oil Firms Flared Gas Worth N128bn in 11 Months

The Nigerian National Petroleum Corporation (NNPC) said oil and gas companies operating in Nigeria flared a total of 225.81 billion standard cubic feet of natural gas between January and November 2019.

This, according to the corporation, was estimated at a loss of N127.53 billion.

The data obtained from the NNPC on Tuesday revealed that the volume of gas flared during the period under review declined from 260.19 billion scf recorded in the same period of 2018.

A breakdown of the report shows 18.30 billion scf of gas was flared in January, 21.22 billion scf in February, 24.95 billion scf in March, 24.82 billion scf in April, 19.84 billion scf in Ma and 18.12 billion scf in June.

Another 20.47 billion scf was flared in July, 21.66 billion scf in August, 19.94 billion scf in September, 17.52 billion scf in October and 18.97 billion scf in November.

However, with the price of natural gas at $1.84 per 1,000scf as at Tuesday, the total value of 225.8 billion scf flared during the period under review translates to $415.49 million or N127.53 billion (using an exchange rate of N306.95/$).

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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