From Ndubuisi Orji, Abuja
House of Representatives has said the country is currently losing about $2.5 billion annually to gas flaring, in addition to its negative impacts on the environment.
This is as the House expressed its readiness to recover over $9 billion gas flaring fines imposed on erring oil and gas companies, in the country, by the Federal Government.
The speaker, Tajudeen Abbas, while declaring an investigative hearing open, organisedy by the House Ad-hoc Committee on Gas flaring, noted that gas flaring and has been a significant environmental, economic, health and social concern in for country for many years.
Abbas, who was represented by the Chief Whip, Usman Kumo stated that
“gas flaring has led to substantial economic losses and revenue decline for the nation. The flared gas represents lost revenue that could have been generated through its sale or utilization. Official records indicate that we lose about $2.5 billion annually to gas flaring.”
He added that beside the economic loss, gas flaring also possess serious environmental and health hazards, which have impact negatively on communities, as well as contribute to climate change.
Consequently, Abbas charged the panel to be thourogh in its investigation, as well as “assess the level of implementation of legislations on gas flaring; determine the efficacy or otherwise of such legislations; investigate the payment of gas flaring fines and management of proceeds therefrom; and determine the extent of compensation to oil producing communities in accordance with the Petroleum Industry Act. ”
Chairman, House Ad-hoc Committee on Gas flaring, Ahmed Munir, while briefing journalists, after their inaugural hearing organized by the panel. Munir, who expressed worry at the level of impunity in the oil and gas industry, said the 10th House, apart from recovering the unpaid fines, will ensure compliance with extant law guiding the industry.
The lawmaker noted that with the Petroleum Industry Act ( PIA) in place, it would no longer be business as usual in the oil and gas sector of the economy.
According to him, “I can assure you that we will not take this lying down. There are two ways to go about it, we have the issues of penalties that are not paid, amounting to about $9 billion or thereabout, that one is there. We know how to recover it.’
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