The Department of Petroleum Resources (DPR)Â has saidÂ Nigeria, the ninth largest gas producing nation in the world, lost over $850 millionÂ to gas flaring in 2015.
The Deputy Director, Head of Upstream, DPR, Mrs. Pat Maseli, gave the statistics at the just concluded 10th Annual sub-Saharan Africa Oil and Gas Conference in Houston, Texas, United States of America.
AccordingÂ to Mr Sonny Oputa, Chairman, Energy Corporate African, the organiser of the conference, Maseli saidÂ the development led to a loss of 3,500 megawatts of electricity generation and about $400 million carbon credit value emission.
She said: â€œ55 million Barrels of Oil Equivalent (BOE) was lost and 25 million tonnes of carbon dioxide emitted.
â€œThe country is recording decline, but the scale of gas flaring is still worrisome.â€™â€™
Maseli saidÂ with almost eight billion cubic meters of gas flared annually, according to satellite data, Nigeria had the seventh largest gas flaring in the world.
â€œAt the same time, approximately 75 million Nigerians lack access to electricity.
â€œIn recent years, Nigeria has shown significant progress by reducing gas flaring by about two billion cubic metres from 2012 to 2015,â€™â€™ she was quoted as saying.
The News Agency of Nigeria (NAN), reported that Maseli saidÂ prior to now, there were no gas terms in place, but the department had recently developed policies on gas terms and utilisation.
â€œThis was passed to operators for their input which will subsequently be sent to the National Assembly for its passage
â€œThe Gas Master Plan seeks to deliver gas to commercial sub sector for use as fuel, captive power and related end-use, to consolidate Nigeriaâ€™s position and market share in high value export markets.
â€œIt will create regional hub for gas-based industries, including fertiliser, petrochemical and methanol.
â€œ It will also transform the gas sector to a value-adding sector,â€™â€™ Maseli said.
On the breakdown of the 2008-2013 Domestic Gas Supply Obligation (DGSO), she saidÂ compliance was about 23 per cent.
Maseli said in 2016, the DGSO was achieved at 38.18 per cent, while in 2017, it was 40 per cent.