In 2016 alone, Nigeria could not earn about $1.150 billion potential gas revenue because as much as 275 billion cubic feet (BCF) of natural gas were flared from oil fields in the Niger Delta, a taskforce of the federal government has said.
The taskforce – Nigerian Gas Flare Commercialisation Programme (NGFCP) – which is situated in the ministry of petroleum resources and chiefly responsible for designing the programme to commercialise the volume of gas flared in country, explained that in addition to revenue lost, the flared gas could have generated 3000 megawatts of electricity for Nigeria, but could not. According to the NGFCP, the monies lost by Nigeria to flared gas were in two forms – $800 million in revenue and $350 million that could have been earned in emission credit.
The NGFCP Steering Committee Chairman, Mr. ‘Gbite Adeniji, who is also a senior technical assistant (STA, Upstream and Gas) to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated this in a recent presentation he made to the Executive Secretary of the Petroleum Technology Development Fund, Dr. Bello Gusau, when he visited him at the PTDF headquarters in Abuja with his team.
Source: Energy Mix Report