Nigeria generated an estimated N8.6 trillion from natural gas production in 2024, according to a report by The PUNCH.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed that the country produced 2.5 trillion cubic feet (TCF) of gas last year. This comprised 1.44TCF of associated gas—natural gas found alongside petroleum deposits—and 1.06TCF of non-associated gas, which is extracted from fields without crude oil.
Of the total gas produced, 2.31TCF was utilised, while 192.89 billion standard cubic feet were flared. The Nigerian Midstream and Downstream Petroleum Regulatory Authority had set the 2024 Domestic Base Price for natural gas at $2.42 per Million Metric British Thermal Units (MMBTU). With 2.31TCF equating to approximately 2.37 billion MMBTU, the total value of utilised gas amounted to about $5.74 billion. At an exchange rate of N1,500 to a dollar, this translates to N8.6 trillion in revenue generated by both the government and private sector operators.
Further breakdown of the data shows that 733.94 billion cubic feet of gas were allocated for field use, 673.64 billion cubic feet were sold locally, and 905.34 billion cubic feet were exported.
Overall, 92.2% of the total gas produced was utilised, while 7.69% was flared. Additionally, gas shrinkage accounted for 2.46 million standard cubic feet.
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