Oil and Gas Firms Firms Get N1.81 Billion Fine for Gas Flaring

 The Central Bank of Nigeria (CBN) has released data stating that , oil and gas companies operating in Nigeria were fined N1.81 billion in nine months, between January and September 2015, for non-compliance with the Federal Government’s directives on gas flaring.

According to the Central Bank of Nigeria (CBN) in its Third Quarter Statistical Bulletin declared that in the first quarter of 2015, oil firms paid N670 million as penalties for gas flaring, while N790 million and N350 million were paid as penalty in the second and third quarters respectively.

The Federal Government also earned N424.27 billion and N310 million as royalties and rent respectively, from the oil companies in the nine-month period in addition to the penalties for flickering.