Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result

NNPC Says Nigeria Has Lost N174bn To Gas Flaring

Editor by Editor
July 14, 2015
in Uncategorized
Gas flaring
Share on FacebookShare on TwitterShare on Linkedin
  • Nigeria has lost up to $868.8 million, about N173.76 billion to gas flaring in 2014, according to data obtained from the Nigerian National Petroleum Corporation, NNPC.
  • Using the Nigerian Gas Company, NGC’s price of $3 per 1,000 SCF of gas at the current exchange rate realities, the flaring of 289.6 billion SCF of gas translated to a loss of $868.8 million, an equivalent of N173.76 billion.
  • Specifically, the oil and gas companies produced 2.524 trillion SCF of gas, utilised 2.235 trillion SCF and flared 289.6 billion SCF.

Gas utilisation

  • Below is a breakdown of gas utilization during the period in review, as indicated by the NNPC:
  • 154.37 billion SCF used for fuel;
  • 712.3 billion sold to third parties;
  • 178.447 billion SCF sold to NGC;
  • 643.81 billion SCF was re-injected,
  • 11.01 billion used as fuel gas to Eleme Petrochemical Limited, EPCL;
  • 38.8 billion SCF for LPG/ NGL feedstock to EPCL;
  • 391.37 billion SCF for Liquefied Natural Gas, LNG;
  • 104.58 billion SCF for gas lift.

Flare offenders

  • According to the ASB, the Joint Venture, JV companies, comprising the multinational oil companies were the worst offenders in terms of quantity, as they flared 211.836 billion SCF of gas, representing 11.2 per cent of their total gas production of 2.11 trillion SCF.
  • Production Sharing Contract, PSC companies followed as they flared 66.12 billion SCF of gas, representing 19.95 per cent of their total gas production of 397.58 billion SCF.
  • Sole Risk/Independent oil companies produced 9.71 billion SCF of gas, utilised 1.85 billion SCF and flared 7.86 billion SCF, representing 424.5 per cent of the total gas produced in the sebsector.
  • Similarly, Marginal Fields companies utilised only 6.79 billion SCF of a total of 10.57 billion SCF gas produced in the subsect, and flared 3.78 billion SCF or 55.7 per cent of their total production.

Source: Vanguard

RelatedPosts

The operators that determine Nigeria’s black market exchange rate

KongaPay at House of Lords, London, signs historic partnership with Bibimoney

 

Related

Tags: News ReviewNNPC Nigeria NewsOil & GasOIl and Gas Newsoil price

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • The operators that determine Nigeria’s black market exchange rate
    • KongaPay at House of Lords, London, signs historic partnership with Bibimoney
    • US Equities: Weekly Round up

    Follow us on social media:

    Recent News

    Relationship between inflation and the unending devaluation of the Naira

    The operators that determine Nigeria’s black market exchange rate

    July 4, 2022
    KongaPay at House of Lords, London, signs historic partnership with Bibimoney

    KongaPay at House of Lords, London, signs historic partnership with Bibimoney

    July 3, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com