Sign in
Sign in
Recover your password.
A password will be e-mailed to you.
PwC in its latest report titled, “Assessing the Impact of Gas Flaring on the Nigerian Economy’ also noted that the environmental cost of flaring gas stands at $94 million annually, citing the National Environmental, Economic and Development Study (NEEDS) for climate change in Nigeria.
Nigeria has severally postponed the deadline for gas flaring, trying to contain it to fire its unstable electricity. This effort led to the reduction of the volume of gas flared over the years, with the percentage dropping to 10 prcent between 2002 and 2018.
Despite the drop however, Nigeria flaring 7.4 billion cubic feet in 2018, according to the PwC is still in the top 10 of countries flaring gas in the world, and accounting for 6.9 percent of the gas flared by the top 10 countries in 2018.
Others are Russian which flared 21.3 percent cubic feet, Iraq 17.8 percent and Iran flared 17.3 percent away. Others are United States with 14.1 prcent, Algeria 9 percent, Venezuela 8,2 percent, Libya 4.7 percent, Mexico 3.9 percent and Angola 2.8 percent.
Nigeria, with 5,675 billion cubic metres or 200.41 trillion cubic feet of natural gas, has the largest proven gas reserve in Africa and the Ninth largest in the world.
The country’s proven oil reserves is 36,972 million barrels or 207.6 billion cubic feet natural gas equivalent, making it 900 times lower than the gas reserves. In addition, Nigeria accounts for 2.7 percentof the globa; proven gas reserves according to OPEC statistical bulletin of 2018.
Daily production is still low according to PwC which noted that despite the large proven reserves which saw the country produced 1.7 trillion cubic feet or 49.2 billion cubic meters of natural gas in 2018.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
Comments are closed.