The Energy Institute’s 72nd edition of the ‘Statistical
Review of World Energy 2023’ said the amount was lost from 2012 to 2022.
A breakdown of the statistics showed that upstream and
downstream oil and gas firms operating in the country flared the highest amount
of gas in 2012, estimated at 12.9 billion cubic metres of natural gas, 9.2
billion cubic metres in 2013, 8.3 billion in 2014, and 7.5 billion cubic metres
in 2015.
The flare kept decreasing as the year rolled by, with 7.2
billion cubic metres flared in 2016. Flaring again, rose to 7.5 billion cubic
metres in 2017, before plummeting to 7.3 billion cubic metres in 2018, and then
rose to 7.8 billion cubic metres in 2019.
The menace dropped significantly to 7 billion cubic metres
in 2020, dropping further to 6.5 billion cubic metres in 2021, before resting
at 5.3 billion cubic metres in 2022.
Summation of gas flared by the country in the 10 years under
review gives us an estimated 86.5 billion cubic metres.
According to the Hebrew Energy; value for each 1 billion
cubic metres of natural gas is worth about $183m, giving an estimated $16tn
lost to the menace within the period under review.
The government through former president Muhammadu Buhari had
in 2020 pledged support to the United Nations 2050 zero gas emission agenda.
Buhari however, said Nigeria would put a final stop to gas emission latest by
2060.
In line with the drive to end gas emission, the Nigerian
Upstream Petroleum Regulatory Commission in October, said FG had granted 42
firms gas flaring licenses in the 2022 Nigerian Gas Flare Commercialisation
Programme auction process.
The Commission also said that 38 of the companies have been
awarded 40 flare sites for standalone single flare site development, while four
are awarded nine sites to be developed as clusters.
As a form of penalty for gas flaring, NOSDRA said oil
companies were liable to fines totaling $25.3m in July, an equivalent of
N19.4bn going by the Central Bank of Nigeria’s current official exchange rate
of N768.77/$.
Chief Executive, the Nigerian Upstream Regulatory Petroleum
Commission, Engr Gbenga Komolafe, said, “The wasteful disposal of natural gas
is not only fraught with deleterious health/ environmental consequences but
also a major source of resource waste and value erosion to the country.”
According to him, the Nigerian Gas Flare Commercialisation
Programme will attract investments, and develop a transparent market mechanism
through a competitive procurement process for allocating gas flares, under
clear and transparent criteria to competent third-party investors using proven
technologies in commercial applications globally.