•Expert blames weak power market, poor gas monetisation incentives
By Ediri Ejoh
Despite the Federal Government’s gas flaring penalties and efforts to curb the practice, Nigeria lost an estimated 62,400 gigawatt-hours (GWh) of potential electricity generation from flared gas between 2024 and 2025, representing an 18.6 per cent increase from 50,800 GWh recorded during 2022 and 2023.
The losses come as the global oil and gas industry shifts from flaring associated gas to capturing and commercialising it for power generation, industrial use and exports.
Data obtained from the National Oil Spill Detection and Response Agency (NOSDRA) showed that the value of gas flared during the period stood at $2.2 billion, while defaulting operators, including International Oil Companies (IOCs) and National Oil Companies (NOCs), are liable to penalties amounting to $1.2 billion.
