Nigeria generated approximately N8.6tn from natural gas production in 2024, The PUNCH reports.
Data from the Nigerian Upstream Petroleum Regulatory Commission indicated that the country produced 2.5 trillion cubic feet of gas last year.
The NUPRC data indicated that the country produced 1.44TCF of associated gas. Associated gas is a form of natural gas found with deposits of petroleum, either dissolved in the oil or as a free ‘gas cap’ above the oil in the reservoir.
Similarly, 1.06TCF of non-associated gas was produced in the period under review. Non-associated natural gas is a type of natural gas that is produced in gas fields that do not contain crude oil.
However, out of the 2.5TCF of gas produced in 2024, 2.31TCF was utilised while 192.89 billion standard cubic feet of gas was flared.
Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority set the Year 2024 Domestic Base Price of natural gas at $2.42 per Million Metric British Thermal Units.
