Nigeria to award flare gas contracts by third quarter- Kachikwu

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ABUJA, April 11 – Nigeria will award contracts for its flared gas by the third quarter of the year, oil minister Emmanuel Ibe Kachikwu said on Thursday.

Nigeria has Africa’s largest gas reserves of more than 190 trillion cubic feet, and is auctioning rights to the gas as part of an effort to eliminate flaring

The government has said that flaring, the burning of waste gas that is the byproduct of oil production, costs it roughly $1 billion a year in lost revenue. The gas can be used in power plants, in industry or exported.

More than 200 companies bid for the right to commercialise the gas, Kachikwu said, but he did not name any of them.

Kachikwu said the country had already eliminated 75 percent of flared gas and was on track to eliminate flaring entirely by 2020.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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