Between January and August 2023, Nigeria suffered a loss of approximately N335m due to oil spills, as detailed by the National Oil Spill Detection and Response Agency (NOSDRA). The data reveals 168 oil spill incidents during this period, amounting to a total of 5,520 barrels of crude oil. These spills affected 23 oil firms, with Shell Petroleum Development Company recording the largest spill volume, accounting for 78.62% of the total spill.
The valuation is based on an average crude oil price of $82 per barrel, with an exchange rate of N740/$1 set by the Central Bank of Nigeria. Rivers State experienced the highest oil spillage, with 2,780 barrels spilled in 67 incidents. The majority of these spills, accounting for 92.78%, were due to theft and sabotage.
Oil companies continue to face challenges with oil spill incidents, which have long-term impacts, leading to significant revenue losses for Nigeria.
