NNPC LEVERAGES RISING CRUDE OIL PRICE TO BOOST PROFIT

The Federal Government has increased the gas flare penalty from 10 naira per thousand standard cubic feet of gas to 612 naira eight per thousand standard cubic feet of gas.

The increase is in the case of any firm that produces 10,000 barrels of oil or more, adding that for anyone producing less than 10,000 barrels of oil per day, the penalty has been increased to 153 naira two kobo per thousand standard cubic square feet of gas.

The government also announced a fine of 50,000 naira or six months jail term, or both, for anyone who provided inaccurate flare data.

This new regulation requires gas producers to maintain a daily log of flaring and venting of natural gas produced in association with crude oil and submit same to the Department of Petroleum Resources within 21 days following the end of each month.

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