The House of Representatives in Nigeria revealed that the country is losing about $2.5 billion every year due to gas flaring.
This practice not only has negative effects on the environment but also leads to significant economic losses.
To address this issue, the House is determined to recover over $9.5 billion in fines imposed on oil and gas companies that have been flaring gas.
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We are insisting and putting our feet down
The Speaker of the House, Tajudeen Abbas, inaugurated an Ad hoc Committee to investigate the matter and find ways to stop gas flaring.
Rep. Babba Munir (APC-Kaduna State), the Chairman of the committee, emphasized that the members are here to represent the interests of all Nigerians.
He emphasized that this issue has been a concern for the nation for a long time, causing environmental, health, and social problems.
We want to know where the loopholes are
The committee aims to ensure compliance with existing laws governing the oil and gas industry, especially with the new Petroleum Industry Act (PIA) in place.
The House invited various oil and gas companies which are otal/Mobil V Domestic wing, Total/Oando JV, Total Energies, African Petroleum Pic. (now Ardova PLC), Azman Oil and Gas Limited, and Matrix Oil And Gas Shata Ltd. The meeting was scheduled for Tuesday at 10 a.m.
Other companies invited to the meeting are Nigerian Electricity Regulatory Commission, National Council on Climate Change, Nigerian Petroleum Development Company, Yinka Folawiyo Petroleum Company (Aje Oil Field-Offshore), Sterling Oil Exploration & Energy, and Belemaoil Producing Limited.
The remaining companies on the list are Walter Smith Petroman Oil Limited, Green Energy International Limited, Millenium Oil and Gas Company Limited, Folawiyo Energy Eroton Exploration and Production Nigeria Limited, and Niger Delta Petroleum Resources Ltd.
Nigeria has lost a total of N891 billion
The committee will look into the loopholes in the current laws and make recommendations for a better and more sustainable approach.
According to the Nigerian Oil Spill Detection and Response Agency (NOSDRA), the country lost N891 billion to gas flaring in just 18 months.
The agency also recorded that in 2021, 23,862 barrels of oil were spilled, and in H1 2022, 62.2 billion SCF offshore, 63.9 billion SCF onshore gas flared.
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UK returnee invests N157m in oil & gas business in Nigeria, loses everything
Meanwhile, a Nigerian business mogul and millionaire motivated many people after sharing how he lost millions of naira in Nigeria but kept going.
The young man shared his story on TikTok and shared that it wasn’t over until it was over. According to him, he and his family used to live in the UK.
However, he made the decision to come to Nigeria because he felt “England wasn’t working for him well”, he explained that he was able to gather £150,000 (N156,835,500), then started an oil and gas business.
