The oil companies wasted 19.95 billion scf of gas in January; 18.27 billion scf in February; 19.71 billion scf in March; 17.90 billion scf in April, and 15.07 billion scf in May, according to data obtained from the Nigerian National Petroleum Corporation.
“This implies that 61.97 per cent of the average daily gas produced was commercialised while the balance of 38.03 per cent was re-injected, used as upstream fuel gas or flared. Gas flare rate was 6.50 per cent for the month under review i.e. 486.19 million scfd,” it said. According to the revised payment regime for gas flaring, oil firms producing 10,000 barrels of oil or more per day will pay $2 per 1,000 standard cubic feet of gas, compared to N10 per 1,000 scf in the past.
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