Nigeria loses $4.9m to gas flare daily

Nigeria loses $4.9m to gas flare daily

Nigeria incurs daily loss of $4.9million due to gas flared by oil and gas companies in the country, Director of Department of Petroleum Resources(DPR), Engineer Osahon has said.
He said the country currently flared 1.4billion cubic feet of gas and that the loss was measured against $3.5 by 1000 standard cubic feet of gas.
Osahon spoke in Lagos yesterday at the 14th Annual General Meeting of the Nigerian Gas Association(NGA) and conveyed his agency’s displeasure over the development, especially against the backdrop of the country’s quest to increase gas production and utilization.
He said: “Exploration efforts in the Benue through the Chad Basin and Anambra Basin show that the Inland Basins have potential to add to the national gas reserve volume.’’
He said the aspiration of the federal government is to monetize gas reserve, eliminate gas flare, as well ensure greater private sector investment in gas production, transportation and distribution of infrastructure.

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