Nigeria lost $831m as oil and gas firms in the country flared 271.38bscf gas in 2015, according to data published by the Nigerian National Petroleum Corporation, NNPC, in its Monthly Financial and Operations Report for December 2015. The loss was calculated based on average gas price at $3 per 1,000scf, as stipulated by the Nigerian Gas Company, NGC. The amount of gas flared – the burning of natural gas associated with oil extraction processes – represented 9.5% of country’s total gas production of 2.858tscf recorded in 2015, Vanguard reported.

The report added that total domestic gas supply was at the level of 380.45bscf, out of which 254.44bscf was targeted for domestic gas to power, and 126.01bscf for industries.

The Federal Government has pledged to end gas flaring in the country by 2020, according to Naija24. The Senate Committee on Gas Resources blamed the Federal Government agencies for the worsening gas flaring in the country, adding that their inability to enforce payment of stipulated penalties on erring International Oil Companies was largely accountable for increased gas flaring, BusinessDayOnline added. The Committee also mandated NNPC and its subsidiaries to submit their detailed audited accounts for the past three years.