Gas flaring cost Nigeria $16tn in 10 years –Report

A recent report has shown that the Federal Government has lost an estimated $16tn to natural gas flaring in 10 years.

The report by the Energy Institute was released in conjunction with KPMG, KEARNEY and Heriot-Watt University

The institute’s 72nd edition of the ‘Statistical Review of World Energy 2023’ said the amount was lost from 2012 to 2022.

A breakdown of the statistics showed that upstream and downstream oil and gas firms operating in the country flared the highest amount of gas in 2012, estimated at 12.9 billion cubic metres of natural gas, 9.2 billion cubic metres in 2013, 8.3 billion in 2014, and 7.5 billion cubic metres in 2015.

READ ALSO:Imo communities cry out over gas flaring, plead for govt intervention

The flare kept decreasing as the year rolled by, with 7.2 billion cubic metres flared in 2016. Flaring again, rose to 7.5 billion cubic metres in 2017, before plummeting to 7.3 billion cubic metres in 2018, and then rose to 7.8 billion cubic metres in 2019.

The menace dropped significantly to 7 billion cubic metres in 2020, dropping further to 6.5 billion cubic metres in 2021, before resting at 5.3 billion cubic metres in 2022.

The summation of gas flared by the country in the 10 years under review arrived at an estimated 86.5 billion cubic metres.

According to Hebrew Energy; the value for each 1 billion cubic metres of natural gas is worth about $183m, giving an estimated $16tn lost to the menace within the period under review.

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