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The Federal Authorities has misplaced an estimated $16tn to pure fuel flaring in 10 years, a report obtained by The PUNCH on Monday has proven.
The Power Institute’s 72nd version of the ‘Statistical Overview of World Power 2023’ stated the quantity was misplaced from 2012 to 2022.
A breakdown of the statistics confirmed that upstream and downstream oil and fuel corporations working within the nation flared the best quantity of fuel in 2012, estimated at 12.9 billion cubic metres of pure fuel, 9.2 billion cubic metres in 2013, 8.3 billion in 2014, and seven.5 billion cubic metres in 2015.
The flare stored lowering because the yr rolled by, with 7.2 billion cubic metres flared in 2016. Flaring once more, rose to 7.5 billion cubic metres in 2017, earlier than plummeting to 7.3 billion cubic metres in 2018, after which rose to 7.8 billion cubic metres in 2019.
The menace dropped considerably to 7 billion cubic metres in 2020, dropping additional to six.5 billion cubic metres in 2021, earlier than resting at 5.3 billion cubic metres in 2022.
Summation of fuel flared by the nation within the 10 years beneath assessment provides us an estimated 86.5 billion cubic metres.
In response to the Hebrew Power; worth for every 1 billion cubic metres of pure fuel is price about $183m, giving an estimated $16tn misplaced to the menace throughout the interval beneath assessment.
The federal government via former president Muhammadu Buhari had in 2020 pledged assist to the United Nations 2050 zero fuel emission agenda. Buhari nonetheless, stated Nigeria would put a ultimate cease to fuel emission newest by 2060.
In keeping with the drive to finish fuel emission, the Nigerian Upstream Petroleum Regulatory Fee in October, stated FG had granted 42 corporations fuel flaring licenses within the 2022 Nigerian Gasoline Flare Commercialisation Programme public sale course of.
The Fee additionally stated that 38 of the businesses have been awarded 40 flare websites for standalone single flare website growth, whereas 4 are awarded 9 websites to be developed as clusters.
As a type of penalty for fuel flaring, NOSDRA stated oil firms have been liable to fines totaling $25.3m in July, an equal of N19.4bn going by the Central Financial institution of Nigeria’s present official alternate fee of N768.77/$.
Chief Govt, the Nigerian Upstream Regulatory Petroleum Fee, Engr Gbenga Komolafe, stated, “The wasteful disposal of pure fuel will not be solely fraught with deleterious well being/ environmental penalties but additionally a serious supply of useful resource waste and worth erosion to the nation.”
In response to him, the Nigerian Gasoline Flare Commercialisation Programme will entice investments, and develop a clear market mechanism via a aggressive procurement course of for allocating fuel flares, beneath clear and clear standards to competent third-party traders utilizing confirmed applied sciences in industrial functions globally.
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