A grave situation unfolds as oil and gas companies operating in Nigeria unleash a staggering 92.3 million standard cubic feet of gas, valued at a staggering N150.8 billion, between January and April 2023. This alarming statistic comes from a recent report by the National Oil Spill Detection and Response Agency (NOSDRA), revealing a disturbing 79.5% surge compared to the 50.3 million cubic feet flared in 2022.Consequently, these oil-producing firms are set to face substantial penalties, amounting to $184.6 million (equivalent to N85.7 billion), for violating gas flaring regulations in just four months.
The report further highlights that this significant volume of flared gas translates to an alarming emission of 4.9 million tonnes of carbon dioxide, exacerbating environmental concerns. Moreover, it represents a colossal untapped potential for power generation, estimated at 9,200 gigawatts of electricity per hour.
Examining the data on a monthly basis, the report reveals that in January, February, March, and April, gas flaring reached 23.2 million cubic feet, 27.1 million cubic feet, 25.9 million cubic feet, and 16.1 million cubic feet, respectively.
The severity of this gas flaring crisis demands urgent attention and stringent action to hold the responsible parties accountable while emphasizing the pressing need for sustainable practices in Nigeria’s oil and gas sector.