US$2 - for companies producing 10,000 barrels of oil or more
US$0.50 - for companies producing less than 10,000 barrels of oil per day
Clearly, big disincentives for gas flaring
Accord to NGFCP, Nigeria currently flares about 700-800m cubic feet of gas per day, roughly equivalent to what the power sector consumes
For those still thinking about putting in Bids for the NGFCP, what are you waiting for?