Tag
Nigeria’s effort to reduce gas flaring is on track as the volume of gas flared dropped by 30.07% between 2012 and 2021, from 9.62 billion cubic metres (bcm) of gas flared in 2012 to 6.63 bcm in 2021.
Approximately 6.63 billion cubic metres (bcm) of gas was flared across the various oil fields in Nigeria in 2021.
Nigeria recorded a slight decline in its gas production in 2020. This was revealed in the latest report from the Nigeria Extractive Industries Transparency Initiative (NEITI).
Though Nigeria produced an estimated 170 trillion cubic feet of gas, more than 70% is flared off. After Russia, Nigeria flares the most gas in the world. Between 2012 and 2020, Nigeria flared over 1.5 billion standard cubic feet of its natural gas. During the process of flaring gas within those years, about 82 million tonnes of CO2 was emitted. For the quantity of CO2 emitted, Nigeria Gas Flare Tracker estimated that ideally, oil companies engaged in gas flaring should pay about $3.2bn as a penalty. That’s 1.152 trillion naira, which is enough to cover for the coronavirus induced 1 trillion naira intervention by the Central Bank. It could have cushioned 77 percent of the 1.5 trillion naira cut that the 2020 budget is witnessing.
