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Nigeria loses gas and billions in revenue to gas flare
- NGEP Chairman stated this over the weekend
- 324 billion cubic feet (BCF) of natural gas lost in 2017
The Chairman, Nigerian Gas Expansion Project (NEGP) in a meeting over the weekend stated that Nigeria has lost $2 billion between 2017 and 2020. This is as a result of the gas flare going on in the oil and gas industry. He said, “from 2017 up to this moment, over a trillion has been flared and it is still being flared”.
He expressed dismay at the countless job opportunities lost as a result of gas flaring and the amount in revenue the Federal Government has lost in four years. “In terms of the credit value, half a billion dollars – if you multiply that by four, that’s $2billion” he further said.
Nigeria has consistently failed to implement policies that can curb the amount of gas flared in the country. Foreign and international Investors have little to no incentive to develop, the local gas industry. The effect of this is the constant shortage of gas experienced by Generation Countries (GenCos).