The National Oil Spill Detection and Remediation Agency (NOSDRA) says gas flaring from offshore oil and gas operations led Nigeria to a loss of $78.2 million (about N118.864 billion) in January and February 2025, as oil and gas companies operating in the country flared 22.3 billion standard cubic feet (BSCF) of gas from their offshore activities within the two months.
NOSDRA calculated the loss using the Central Bank of Nigeria’s current exchange realities of N1,520 to a dollar.
The environmental watchdog for the oil and gas industry disclosed this in its gas flare report for January and February 2025, saying the amount lost from the offshore oil and gas operations in the first two months of the year represents 31.48 percent of the total amount lost to gas flaring within the period.
It noted in the report that the volume of gas flared from the offshore segment of the industry in January and February contributed 1.2 million tonnes of carbon dioxide emission to the atmosphere, had power generation potential of 2,200 Gigawatts hour while the companies that flared the gas were liable for penalties of $44.7 million (N67.944 billion).
In the same period in 2024, oil and gas firms operating offshore flared 29.2 BSCF of gas; valued at $102.3 million (N155.496 billion); with penalties payable of $58.4 (N88.768 billion); carbon dioxide emissions of 1.6 million tonnes and power generation potential of 2,900 GWh.
NOSDRA had earlier reported that, overall, Nigeria lost $248.4 million (about N377.568 billion) to gas flaring in the two months of the year, putting the volume of gas flared by the oil and gas company during the period at 71.0 BSCF.
It said the total 71.0 BSCF of gas flared by the oil and gas companies in the two months of 2025 contributed 3.8 million tonnes of carbon dioxide emissions to the atmosphere; and had potential of generating 7,100 Gigawatts hour of electricity.
In addition, the defaulting companies were liable for penalties payment of $141.9 million, about N215.688 billion.
NOSDRA reported that the offending companies flared gas from Oil Mining Leases, OMLs, 04, 05, 11, 13, 14, 17, 18, 22, 28, 23, 24, 38, 40, 42, 43, 72, 49, 54, 90, 95, 67, 70, 104, 59, 99, 100, 101, 102 and Oil Prospecting Licences, OPLs, 222, 316 and 306, among others.
The agency listed the offending companies as Shell Petroleum, Development Company, SPDC; Nigerian Petroleum Development Company, NPDC; Chevron Nigeria; Mobil Oil; Elf Petroleum Nigeria; Nigeria Agip Oil Company, NAOC; Addax Petroleum; Texaco Overseas (Nigeria); Esso Exploration and Production Nigeria; Allied Energy Resources; Ultramar Petroleum; Atlas Petroleum; Cromwell; Afric Oil and Marketing; Famfa Oil; Moni Pulo; and South Atlantic Petroleum, among others.