The federal government has said 50.

Also, the government said it would impose a N22 billion ($49 million) fine on oil and gas companies operating onshore for flaring 24 SBCF of gas valued at about N40 billion ($86 million) for two months (January and February 2023).

Recent data from the National Oil Spill Detection and Response Agency, NOSRDA, explained that the companies operating onshore would pay the penalties for violating the gas flaring rule.

NOSRDA said the volume of gas flared in both months was 11.9 percent lower than the 57.1 billion SCF of gas flared in the same period in 2022.

In perspective, the volume of flared gas is equivalent to carbon dioxide emissions of 2.7 million metric tons and has a power generation potential of 5,000 gigawatt hours of electricity.

“Companies operating onshore flared 24.5 billion SCF of gas valued at $85.8 million, with $49 million in penalties payable,” the agency stated.