There are indications that the Federal Government may increase gas flaring penalties as Nigeria races; towards achieving its commitment to the United Nations’s net-zero goal by 2060.
The Chairman, Society of Petroleum Engineers, (SPE Nigeria Council), Prof. Olalekan Olafuyi, revealed this in Lagos at a pre-conference to herald its 45th yearly conference commencing from August 1 through August 3rd in Lagos.
The 2022 SPE Nigeria Annual International Conference and Exhibition is themed; ‘Global Transition to Renewable and Sustainable Energy, and the Future of Oil & Gas in Africa’. Currently, companies producing more than 10, 000bpd pay a fine of $2 per 1000 Standard scf of gas flared. Companies producing less than 10, 000bpd pay a fine of $0.5 per 1000scf of gas flared.
The SPE Nigeria Council comprising Lagos, Port Harcourt, Warri, Benin and Abuja Sections is an affiliate of the SPE International, a not-for-profit professional organisation with over 140,600 members worldwide.