• Advertise
  • Submit a Story
  • iReport
  • Contact
Thursday, April 22, 2021
No Result
View All Result
Niger Delta Connect
  • Home
  • News
    • Niger Delta News
      • Abia State News
      • Akwa Ibom State News
      • Bayelsa State News
      • Cross Rivers State News
      • Delta State News
      • Edo State News
      • Imo State News
      • Ondo State News
      • Rivers State News
    • Nigerian News
    • World News
    • Metro
  • Politics
  • Business
  • Opinions
    • Editorial
    • Columnists
    • Interviews
    • Special Features
  • Sports
    • Football
  • More Topics
    • Entertainment
    • Law
    • Security
    • Health
    • Science & Technology
    • Lifestyle
    • Fashion
    • Food & Fitness
    • Travel
    • Tori for Town
    • Shenkes
  • COVID-19
  • #EndSARS
  • Home
  • News
    • Niger Delta News
      • Abia State News
      • Akwa Ibom State News
      • Bayelsa State News
      • Cross Rivers State News
      • Delta State News
      • Edo State News
      • Imo State News
      • Ondo State News
      • Rivers State News
    • Nigerian News
    • World News
    • Metro
  • Politics
  • Business
  • Opinions
    • Editorial
    • Columnists
    • Interviews
    • Special Features
  • Sports
    • Football
  • More Topics
    • Entertainment
    • Law
    • Security
    • Health
    • Science & Technology
    • Lifestyle
    • Fashion
    • Food & Fitness
    • Travel
    • Tori for Town
    • Shenkes
  • COVID-19
  • #EndSARS
No Result
View All Result
No Result
View All Result
Home Oil & Gas

Oil companies lost N192.22 bn to gas flare in 2020 – NNPC

by Japhet Osadebe
3 weeks ago
in Oil & Gas, Top Stories
Share on WhatsappShare on FacebookShare on TwitterShare on Telegram
Adverts Price list

International oil companies operating in Nigeria flared a total of 198.12 billion standard cubic feet (scf) of natural gas between January and November, 2020.

Timipre Sylva

Pegged at $2.56 per 1,000 scf, the 198.12 billion scf flared natural gas translates to a staggering loss of an estimated $507.19m (or N192.22bn), using the official exchange rate of N379/dollar.

In December, 2020 for instance, natural gas production stood at 213.34 billion scf, translating to an average daily production of 6.88 billion act and out of this, 14.17 billion act was wasted through gas flaring.

According to the Nigeria National Petroleum Corporation (NNPC),

“the daily average natural gas supply to power plants increased by 3.52 per cent to 816mmscfd, equivalent to power generation of 3,445 megawatts”.

The corporation said out of the 208.61 billion scf of gas supplied in December, a total of 146.72 billion scf was commercialised, consisting of 42.90 billion scf and 103.82 billion scf for the domestic and export market respectively, reports The Tide.

The NNPC said, for the month of December, 2020, a total supply of 1.38 billion scfd of gas was for the domestic market while 3.35 billion scfd of gas was channeled to the export market.

Again, according to NNPC, “This implies that 70.33 per cent of the average daily gas produced was commercialised while the balance of 29.67 per cent was re-injected, used as upstream fuel gas or flared”.

The rate chargeable for gas flaring for December dropped from 7.15 per cent (i.e. 538.59 mmscfd) to 6.80 per cent (i.e. 457.25 mmscfd).

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 while firms producing less than 10,000 barrels of oil per day will pay a gas flare penalty of $0.5 per 1,000 scf.

Tags: NGCNnpcOil and Gas Stakeholders
SendShareTweetShare

Leave a Reply Cancel reply

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

I agree to the Terms & Conditions and Privacy Policy.

Latest Stories

Buddhist monk beheads himself with hope to be reincarnated as higher spiritual being
18 hours ago
Couple kissing on a bridge metal railing fall off to death
19 hours ago
How to Treat a Woman Right: 5 Ways to Make Her Want to Stay
19 hours ago
Reigning Mrs World resigns, runner up takes over
19 hours ago
Tiny, Complex DNA Robots Designed in Minutes Instead of Days
22 hours ago
NYSC, Ned Nwoko Foundation Join Forces on Malaria Control
22 hours ago
IGP Baba orders Immediate withdrawal of police officers from EFCC
24 hours ago
Re-Emergence of fuel queues across the country will disappear very soon – NNPC
24 hours ago




Recommended

Feb 13: A bad day for us – Bayelsa APC

Why we haven’t started revalidation exercise, APC Rivers State

2 months ago
Fan designs a portrait of Music producer, Don Jazzy

Fan designs a portrait of Music producer, Don Jazzy

7 days ago
Outrage, condemnation trails CBN’s ban on crypto currency

Experts kick as CBN orders closure of crypto accounts

3 months ago
Gov. Akeredolu inaugurated for a second term

Akeredolu bans RTEAN and NURTW operations in Ondo State

2 months ago

Follow Us

  • 23.2k Fans

Most Popular

10-year-old Emmanuella debuts in an Australian action movie, “Survive or Die”

10-year-old Emmanuella debuts in an Australian action movie, “Survive or Die”

47 mins ago
Middlesbrough manager, Neil Wernock slams Tottenham for sacking Mourinho

Middlesbrough manager, Neil Wernock slams Tottenham for sacking Mourinho

54 mins ago
Gov. Douye Diri

Tombia traders, transport operators get final marching order to quit

12 hours ago




  • Home
  • About Us
  • Advertise
  • Submit a Story
  • Privacy Policy
  • Terms and conditions
  • Contact
Menu
  • Home
  • About Us
  • Advertise
  • Submit a Story
  • Privacy Policy
  • Terms and conditions
  • Contact
iReport

Follow Us

Facebook-f
Twitter
Youtube
Instagram

© 2020 All rights Reserved. NIGER DELTA CONNECT

No Result
View All Result
  • Home
  • News
    • Law
  • Niger Delta News
    • Abia State News
    • Akwa Ibom State News
    • Bayelsa State News
    • Cross Rivers State News
    • Delta State News
    • Edo State News
    • Imo State News
    • Ondo State News
    • Rivers State News
  • Politics
  • World News
  • Opinions
    • Editorial
    • Special Features
  • Business
  • Entertainment
    • Movie
    • Music
    • Comedy
  • Science & Technology
  • Sports
  • Lifestyle
    • Health
  • COVID-19
  • Special Features
  • Diaspora
  • Tori for Town
  • Shenkes
  • #EndSARS
  • Tori for Town
  • Submit a Story
  • Pictorial Journal
  • Advertise

© NigerDeltaConnect2020

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.