The Nigerian National Petroleum Corporation, NNPC, in a report revealed that Nigeria lost up to $868.8 million, about N173.76 billion to gas flaring in 2014.





The NNPC in its Annual Statistical Bulletin, ASB, for 2014, disclosed that oil and gas firms in the country flared 289.6 billion standard cubic feet, SCF, of gas, representing 11.47 per cent of the total gas produced in the country in that year.



Using the Nigerian Gas Company, NGC’s price of $3 per 1,000 SCF of gas at the current exchange rate realities, the flaring of 289.6 billion SCF of gas translated to a loss of $868.8 million, an equivalent of N173.76 billion.



Specifically, the oil and gas companies produced 2.524 trillion SCF of gas, utilised 2.235 trillion SCF and flared 289.6 billion SCF.



According to the ASB, the Joint Venture, JV companies, comprising the multinational oil companies were the worst offenders in terms of quantity, as they flared 211.836 billion SCF of gas, representing 11.2 per cent of their total gas production of 2.11 trillion SCF.



Production Sharing Contract, PSC companies followed as they flared 66.12 billion SCF of gas, representing 19.95 per cent of their total gas production of 397.58 billion SCF.

Sole Risk/Independent oil companies produced 9.71 billion SCF of gas, utilised 1.85 billion SCF and flared 7.86 billion SCF, representing 424.5 per cent of the total gas produced in the sub-sector.



Conversely, Marginal Fields companies utilized only 6.79 billion SCF of a total of 10.57 billion SCF gas produced in the subsect, and flared 3.78 billion SCF or 55.7 per cent of their total production.


http://www.metronaija.com/2015/07/nigeria-lost-n174-billion-to-gas.html

cc: lalasticlala ishilove

Ok

Really?

Why should I bother about what was lost, When i can't see any impact of what has been gained?

INTROVERT:
Ok

You again

Hiss!...person whey no chop belleful dey waste food!

NNPC....dz corporation rili nidz thorough deliverance.God ep PMB

Never again...
Sai Baba is in charge

Hmmnn

Chelu ka'm bia

That's a lot of sammiches.

Wasting is one of our hobbies in Nigeria. Lose money and damage the environment. Double tragedy.