The Chief Executive Officer (CEO) Nigerian Upstream Petroleum Regulatory Commission Gbenga Komolafe has announced the award of 49 flaring gas sites to combat gas flaring for home utilization in Nigeria.
Speaking at the ongoing 8th Sub-Saharan Africa International Petroleum Exhibition and Conference in Lagos organised by the Petroleum Technology Association of Nigeria, Komolafe said the move is part of efforts to deepen Nigeria’s gas market and ensure decarbonisation of upstream operations, adding that successful bidders came via the Nigeria Gas-Flare Commercialisation Programme.
A report by the National Oil Spill Detection and Response Agency (NOSDRA) revealed that 275.2 million standard cubic feet of gas flared daily in 2023.
NOSDRA said in the report however that gas production is projected from eight billion cubic feet in 2020 to 12.2 cubic by 2030 and is driven by major projects such as LNG train-7 and train-8, Nigeria Morcco pipeline, the Ajaokuta-Kaduna pipeline, the national gas pipeline project and many other gas projects across the country.
This comes as cooking prices and gas have risen steadily over the last three months as Nigerians battle high energy costs.
The National Bureau of Statistics report reveals that Nigeria’s average price for refiling a 5kg cooking gas cylinder hit N4,828.18 in November 2023.
This represents a 5.82% increase compared to the N4,562.51 average price recorded in October 2023.
While on a year-on-year basis, cooking gas prices increased by 6.13% from N4,549.14 in November 2022.