Nigeria reportedly lost N340.87 billion to gas flaring in the first quarter of 2024, as oil and gas firms operating in the country’s oil and gas sector flared 83.9 billion standard cubic feet (BSCF) of gas in three months (January…
By Olaseinde Gbenga, Abuja The Minister of State Petroleum Resources, Ekperikpe Ekpo has disclosed that the Federal Government has reviewed the penalty for gas flaring in line with its commitment to achieve net zero. Ekpo speaking during a workshop at…
By NJ Ayuk, Executive Chairman, African Energy Chamber In an era when Africa needs oil and gas investments more than ever, attracting those investments has become increasingly difficult. Part of the challenge lies in the mounting pressure on oil companies…
The recent revelation that Nigeria has lost a staggering $16 trillion to gas flaring over the past decade highlights the country’s prevailing culture of waste and institutional failures. Despite a national program decreeing an end to this practice, oil-producing companies…
A Memoranda of Understanding (MoU) on the supply of gas from Nigeria to Germany and another $500 million worth of renewable energy projects in Nigeria is set to curb 50 million cubic feet per day of flared gas in Nigeria.…
Oil and Gas exploration has had both positive and negative impacts on Nigeria. While the sector has grown to become the honey-pot of the Country for about five decades, the sides to its status in relation to the economy have…
The Ijaw Youth Council (IYC) worldwide has said that it will no longer condone incessant gas flaring and lackadaisical practices of International Oil Companies (IOCs) in the Niger Delta region. The President of the Council, Dr. Theophilus Alaye, disclosed this…
…Reps to investigate 19 oil companies, summon CEOs …Lawmakers vow to recover over $9bn fines from oil companies …Expert calls for legislative backing for adoption of oil tracker Nigeria’s Federation Account was short changed $277million between 2020 and 2022, the…
The Federal Government recorded a revenue shortfall of N13.33billion from gas flaring penalties issued against oil and gas firms in January and February 2023. It was earlier reported that the Federal Government would impose $49million (N22billion) fine on oil and…
By Ibiyemi Mathew A House of Representatives adhoc committee has commenced investigation into an alleged sum of $9.05 billion revenue loss from gas flaring in the last ten years. The adhoc committee was constituted yesterday after a motion was moved…
