Reps probe oil companies over $9.5bn revenue lost to gas flaring

The House of Representatives has commenced a probe of oil companies operating in the Niger Delta region over $9.05 billion in revenue lost from gas flaring in Nigeria.

The Speaker of the House, Tajudeen Abbass, disclosed this at the Ad-hoc Committee’s inauguration on Monday.

newsmen recalls that the Nigerian Oil Spill Detection and Response Agency said the country had lost over N891 billion to gas flaring in 18 months.

Tajudeen said Nigeria loses close to $2.5 billion to gas flaring yearly.

“The flared gas represents lost revenue that could have been generated through its sale or utilisation. Official records indicate that we lose about 2.5 billion dollars annually to gas flaring,” he stated.

He inaugurated the Committee’s Chairman, Rep. Babba Munir (APC-Kaduna State) and other members to help curb the reoccurring economic losses to gas flaring.

Consequently, the Committee said Total/Mobil V Domestic wing, Total/Oando JV, Total Energies, African Petroleum Pic., now Ardova PLC, and other oil companies should appear before or on Tuesday.