Lagos - Moves by the federal government to impose a penalty of $3.50 per thousand standard cubic feet (SCF) of flared gas on defaulting oil companies have started yielding results.
Most international oil companies operating in Nigeria have set up mechanisms to ensure prompt compliance with the gas flaring reduction to evade government’s sanctions, reports New Telegraph.
Diezani Alison- Madueke, Minister of Petroleum Resources, said gas flaring in the country has been reduced to 11 percent, the lowest since 58 years of oil exploration and production in Nigeria.
She said that some progress has been made in reducing gas flaring in the country, as many international oil companies are fast approaching full flare out in the country.
Read more at New Telegraph.
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