Nigeria, others losing $82 billion from gas flaring yearly

Senior Oil and Gas Analyst at GlobalData, Anna Belova, said: “It would do many countries, especially in Europe and Asia where natural gas prices are setting all-time records, a lot of good if oil and gas operators found the strategy to sell this gas rather than lose it – not only for the money but for meeting their CO2 targets too.” Belova added: “The top 12 gas-flaring countries, flared almost 13 billion cubic feet of gas per day (bcfd).

Gas flaring The report identified biggest gas flarers, accounting for over 87 per cent of all flared gas in 2020, to include Nigeria, Algeria, Angola, Indonesia, Iran, Iraq, Libya, Malaysia, Mexico, Russia, the US and Venezuela.

Belova said: “Reducing global gas flaring will require a multi-prong approach due to unique regional drivers that prioritize flaring over monetization of gas.

“Given that technological solutions exist at multiple scales, regulatory and investor pressures are needed to drive investments, supported by voluntary environmental, social and governance (ESG) commitments by operators to end routine flaring of gas globally.” To enable commenting and other interactive features, please switch to the more advanced.

According to GlobalData’s report, ‘Gas Flaring-Thematic Research’ countries could make up to $82bn if they utilise this gas instead of flaring it..

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