The Federal Government recorded a revenue shortfall of N13.33bn from gas flaring penalties issued against oil and gas firms in January and February 2023.
Earlier, the Federal Government would impose $49m fine on oil and gas firms operating onshore for flaring 24 billion Standard Cubic Feet of gas valued at about ($86m) between January and February 2023.
This was according to a recent gas flare data by the National Oil Spill Detection and Response Agency, which noted that the companies operating onshore would pay the penalties for violating the gas flaring rule.
On the other hand, companies operating offshore flared 25.8 billion SCF of gas valued at $90m; capable of generating 2,600 gigawatts hours of electricity and had an equivalent of 1.4 million tonnes of carbon dioxide emission.
