By Ogechi Okorie
Abuja (Precise Post) – Between January and July 2020, gas flaring in Nigeria’s oil fields has taken a huge toll on the economy, as the country flared 225.1 billion standard cubic feet of gas, (bscf).
The monetary value of the burnt gas in the international market is $787.7 million (about N299.33 billion). This is against the backdrop of the huge revenue losses arising from the impact of the COVID-19, pandemic, which crashed both volume and price of crude oil sales.
The Nigeria National Resource Charter announced this via it verified twitter handle account @NigeriaNRC.
According to the National Environmental Economic and Development Study, NEEDS, the environmental cost of gas flaring in Nigeria is $94 million (about N35.7 billion) yearly. The volume of gas flared was an equivalent of 12.0 million tonnes of carbon dioxide emission.
A report obtained by Energy Vanguard, last week, from the Federal Government’s Gas Flare Tracker, stated that the 225.1 bscf of gas flared by the oil and gas firms in the first seven months of 2020 was capable of generating 22,500 gigawatts hour of electricity.
