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Nigeria loses $16trn to gas flaring despite rising debt stocks



Germany mulls investment in Nigerias 51bn gas sector

Hebrew Energy indicated that the value for each 1 billion cubic meters of natural gas is about $183 million, leading to an estimated $16 trillion being lost due to gas flaring within the period under review. As a penalty for gas flaring, the National Oil Spill Detection and Response Agency (NOSDRA) stated that oil companies were liable to fines totaling $25.3 million in July.

Engr Gbenga Komolafe, Chief Executive of the Nigerian Upstream Regulatory Petroleum Commission, highlighted the detrimental effects of the wasteful disposal of natural gas on health, the environment, and the erosion of the country’s resources and value.

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