Re-evaluating the Problems of Gas Flaring in the Nigerian Petroleum Industry

Though Nigeria possesses one of the largest natural gas reserves in the world, it is unfortunate that we are still one of the major gas flaring nations in the world. Besides the grave environmental consequences of gas flaring, it is still an unwise practice considering the impeding global energy crisis within the next 50 years. In this paper, the potentials of natural gas as an untapped reserve of wealth and socio-economic power is discussed. The potential of the Nigerian gas sub-sector can be fully harnessed if the mechanisms of commercialisation in line with the gas master plan is put in motion. The completion of a comprehensive gas pipeline network and the promotion of direct foreign investment is a good means of achieving the commercialisation initiative. About $3.5bn worth of investments is coming into the country to achieve the gas flare commercialisation targets by 2020. The commercialisation programme seeks to provide a framework to eliminate gas flaring which when fully implemented would actualise potential for immense wealth laden in Nation’s gas reserves.