Oil companies operating in Nigeria won't be allowed to flare gas from the end of this year, said Nigerian Minister of State for Foreign Affairs Bagudu Hirse. The country needs the gas to meet demand for power generation in the country as well as supply proposed gas pipelines from the Niger River delta, Hirse told reporters in the capital, Abuja. Gas flaring occurs when the fuel is burnt during the course of oil production. "It's a government policy," he said. The oil companies "will be able to meet the deadline. They have all been informed." Nigeria, with reserves of more than 30 billion barrels of crude and more than 187 trillion cubic feet of gas, loses USD 3 billion a year as a result of flaring of gas, according to the Petroleum Ministry. (Bloomberg)

    About the author