Lagos - Nigeria has lost over $3.9 billion in the last 12 months due to the inability of the Department of Petroleum Resources (DPR) to enforce the new fine of $3.5 per million standard cubic feet on gas flaring.
The Ministry of Petroleum Resources had introduced the $3.5 gas flare penalty fee in 2011 to discourage flaring from which the country loses about $74 million daily, reports New Telegraph.
But the DPR, the agency in charge of enforcing regulations in the petroleum industry, has been unable to implement the fine as oil companies have failed to comply with the directive by continuing to flare gas.
The country was expected to have earned $3.9 billion as penalty on gas flaring by local and international oil companies between August 2011 and November 2013.
Read more at New Telegraph.
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