Abuja, July 25, 2023: The Speaker of the House of Representatives, Rep. Tajudeen Abbas says Nigeria losses $2.5 billion to gas flaring annually.
Abbas, at the inauguration of the House Ad hoc Committee on Gas Flaring on Monday, charged the committee to get root causes of gas flaring and make recommendations to end the menace.
He said that the probe is an acknowledgement of the urgent need to understand and mitigate the environmental, social, and economic impacts of this practice.
“The task before this Ad hoc Committee is a very critical one that lies at the heart of the health of our people and economic well-being of our nation.
“You have been charged with the responsibility of investigating, perhaps, one of the most harmful practices in the oil and gas industry in Nigeria.
“Gas flaring and venting has been a significant environmental, economic, health and social concern in our country for many years.
“The flared gas represents lost revenue that could have been generated through its sale or utilization. Official records indicate that we lose about $2.5 billion annually to gas flaring,” he said.
He said that as a major contributor to climate change and environmental degradation, gas flaring has direct and indirect impacts on soil, water, and wildlife.
According to him, gas flaring represents a tremendous waste of valuable resources; it is a precious energy source that could be utilised for various purposes, such as electricity generation, heating, or industrial processes.
Earlier, the Chairman of the committee, Rep. Babba Munir (APC-Kaduna state) said that the committee was representing the interest of all Nigerians.
He said that the issues of gas flaring had lingered for decades despite several undertakings by oil companies to stop it.
“We are here to give everyone a fair hearing, to know where the loopholes are, where we need to emend our laws to ensure we get optimal result.
“We do not have to revisit how important it is to our revenue drive needed for infrastructure, security, education and health.
“It is a win win situation for even the oil companies, because if revenues are generated, it was spent on securing our nation, on infrastructure that will better their operations.
“We are insisting and putting our feet down that all agencies of government and oil companies.
“Once you are invited, we expect you to come with your full submissions and with the highest representation of your organisation,” he said.
The committee invited Total/Mobil V Domestic wing, Total/Oando JV, Total Energies, African Petroleum (AP) Pic. now Ardova PLC to appear before or on Tuesday, July 25, at 10 a.m.
Others are Azman Oil and Gas Limited, Matrix Oil And Gas Shata Ltd, Nigerian Electricity Regulatory Commission (NERC), National Council on Climate Change (NCCC) and Nigerian Petroleum Development Company (NPDC)
Also to appear are Yinka Folawiyo Petroleum Company (Aje Oil Field-Offshore), Sterling Oil Exploration & Energy (SEEPCO), Belemaoil Producing Limited.
Walter Smith Petroman Oil Limited, Green Energy International Limited, Millenium Of and Gas Company Limited, Folawiyo Energy Eroton Exploration and Production Nigeria Limited and Niger Delta Petroleum Resources LTD