International oil companies (IOCs) defiance costs Nigeria $74m daily as gas flaring goes on:

<span 1.6em;"="">IOCs, the major perpetrators of gas flaring in the country, and other oil producing companies, have continued to ignore the $3.5 per standard cubic feet (scf) penalty put in place by the government to discourage flaring from which the country loses about $74 million daily. Government on its part has not been able to enforce the regulation because of threats of shutdowns by operators. 

The Ministry of Petroleum Resources introduced the $3.5 gas flare penalty fee in 2011, and the directive was communicated to operators on August 15, 2011, which saw the gas penalty being raised from N10 to $3.5 per scf. 



A top official of the Department of Petroleum Resources (DPR), the ag..