Gas from the Tweneboa, Enyenra and Ntomme (TEN) field is being flared due to pipeline infrastructure delays, similar to the delays that characterised the evacuation of gas from the jubilee field.
Meanwhile, an estimated US$952 million is required this year to purchase light crude oil, natural gas, heavy fuel oil and diesel to run thermal plants, based on a projected thermal generation of 9,937.48 GWh, according to the Ghana Grid Company.
About US$295 million will be required by the VRA and about US$657 million will be required by private power generators.
The remainder is being reinjected, the committee indicated, saying it was "unhappy and could not fathom why the construction of the US$100 million approximately 30 kilometre gas pipeline was not timed to coincide with first oil in August 2016.
As it stands now, it is not clear when the pipeline will be ready to enable the evacuation of gas from the field which has produced some 5.32 million barrels of oil so far.
At the earliest, first associated gas from the field is not due until August this year, whilst non-associated gas is also not expected until next year.
"It is unclear how quickly gas exports could be fast-tracked to bring the much-needed resource onshore,"PIAC said.
"What is clear, however, is that the period between August 2016 and whenever gas export from the [TEN] field would be achieved, would represent a missed opportunity to have earned additional revenue, reduce cost of electricity generation, and minimise the adverse environmental effects associated with the flaring of gas."
Some 30 million standard cubic feet of gas per day is expected from the TEN field at the beginning and up to 60 million at peak.
Whilst current gas supply from both the jubilee field and Nigeria is below 100MMSCFD, demand is around 400 MMSCFD.
The government of Ghana estimates that in the next decade, thermal generation will constitute 80% of the countrys sources of power, making gas a must-have fuel.