N335 billion lost to oil spill since January

Economy – Nigeria lost about N335m to oil spilled between January and August 2023, according to estimation from data released by the National Oil Spill Detection and Response Agency NOSDRA.

NOSDRA, in its oil spill data for the period under review, said a total of 168 incidents of oil spill incidents, which cost the country a loss of 5,520 barrels of crude oil in eight months, were recorded against oil companies operating in the country.

Going by an average price for crude oil within the period of $82 per barrel, and the Central Bank of Nigeria’s exchange rate of N740/$1, the estimated amount the country lost to oil spill within the period under review was N335m.

The agency noted that the spill occurred in the facilities of 23 oil firms, with Shell Petroleum Development Company recording the highest spill volume of 4,340 barrels of crude oil in 43 spill incidents, representing 78.62 per cent of total crude oil spilled in the period under review.