The Federal Government will impose $49m fine on oil and gas firms operating onshore for flaring 24b Standard Cubic Feet of gas valued at about N40b between January and February 2023.
Gas flare data by the National Oil Spill Detection and Response Agency shows that the companies operating onshore will pay the penalties for violating the gas flaring rule.
The report said companies flared 19.14 billion SCF of gas in January and 14.04 billion SCF of gas in February 2023, contributing 1.3 million tonnes of carbon dioxide emission, with power generation potential of 2,500 gigawatts hours.