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Indications have revealed that International Oil Companies (IOCs) and their indigenous oil firms counterparts have defaulted in payment to the tune of $3.6 billion on gas flare penalty. However, the Federal Government has continued to assure it was pushing to ensure that the Nigeria Gas Flare Commercialisation Programme (NGFCP) becomes a success story.
Business Hilights recalls that NGFCP was launched in 2016 and is designed as the strategy to implement the policy objectives of the Federal Government for the elimination of gas flares with potential enormous multiplier and development outcomes for Nigeria.
According to the Program Manager, Mr. Justice Derefaka, the objective of NGFCP is to eliminate gas flaring through technically and commercially sustainable gas utilisation projects developed by competent third party investors who have been invited to participate in a competitive and transparent bid process.
Deputy Managing Director of Falcon Corporation and moderator of a panel session on ‘‘Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth’’ at the Nigerian Oil and Gas(NOG) conference which ended in Abuja recently, Mrs. Audrey Joe-Ezigbo, said the $3.6 billion gas flare payment default represents eight billion standard cubic feet (scf) of gas flared in the last nine years.
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