The flared gas was worth $485.3 million translates to N373 billion at the current Central Bank of Nigeria, CBN, exchange of N768.6 per United States dollar.
The National Oil Spill Detection and Response Agency, NOSDRA, which disclosed this in its latest data, stated that the oil-producing companies responsible for the flaring would pay $277.3 million (an equivalent of N213 billion) for breaching the gas flaring laws during the period.
But judging from previous flare reports, the oil companies are not likely to pay the penalties soon as several billions of dollars are still outstanding against the firms.
However, the report noted that the volume of gas flared during the period was equivalent to 7.4 million tonnes of carbon dioxide emission, which could have been utilized to generate 13,900 gigawatts of electricity per hour.
NOSDRA lamented that despite efforts to reduce gas flaring, it has continued in Nigeria since the 1950s, releasing carbon dioxide and other gaseous substances into the atmosphere.
This is even as the House of Representatives said it will begin a probe into $2.5 billion annual loss to gas flaring.
