Oil and gas companies operating in Nigeria flared 92.3 million standard cubic feet of gas, mscf, worth an estimated N150.8 billion, between January and April 2023.
The figure was contained in a recent National Oil Spill Detection and Response Agency (NOSDRA) report.
It represents a 79.5 per cent increase against 50.3mscf of gas flared in 2022.
Consequently, the oil-producing firms responsible for this flaring are expected to pay penalties of $184.6 million (an equivalent of N85.7 billion) for breaching the gas flaring laws in the four months.
Nigeria loses N150bn to gas flaring in four months – NOSDRA
The report also noted that the volume of gas flared in the four months is equivalent to 4.9 million tonnes of carbon dioxide emission and has a power generation potential of 9,200 gigawatts of electricity per hour.
On a month-on-month basis, the report noted that in January, February, March and April, 23.2 mscf, 27.1 mscf, 25.9 mscf and 16.1 mscf of gas were flared, respectively.