Business

FG Loses N335m To Oil Spill, Says Report

Published

2 years ago

September 7, 2023

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, 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.

Heritage Energy Operational Service Limited followed with 24 323.20 barrels of crude oil spilled in 24 incidents, while Nigerian Agip Oil Company spilled 248.86 barrels of crude oil in 38 incidents.

In six spill incidents, Heirs Holding Oil and Gas Limited spilled 128.10 barrels of crude oil; Seplat Petroleum Development Company spilled 104.88 barrels of crude oil in seven incidents; National Petroleum Development Company spilled 92.33 barrels in 16 incidents, while Enageed Resources Limited polluted the environment with the spillage of 72 barrels of crude oil in three incidents.

NOSDRA disclosed that Rivers State was the worst hit with oil spillage, as 2,780 barrels of crude oil was spilled in the state in 67 incidents; followed by Delta with 2,623 barrels of crude oil spilled in 76 incidents; while Edo, Imo, Bayelsa and Akwa Ibom recorded spill volumes of 70.04 barrels, 22.30 barrels, 18.39 barrels and 1.06 barrels, respectively.

The environmental regulator further stated that the majority of the spill incidents were recorded from crude oil pipelines, with 3,113 barrels of crude oil spilled from the pipelines in 114 incidents.

It added that in eight incidents, 1,951 barrels of crude was spilled by oil companies from the wellhead; while spills from flow lines, flow stations and trunk lines stood at 117.7 barrels, 110.03 barrels and 106.13 barrels, respectively.

Furthermore, NOSDRA reported that 5,122 barrels of crude oil, representing 92.78 per cent of oil spilled in the eight-month period, was a result of theft and sabotage; while 228.22 barrels of crude oil spilled in 16 incidents were due to corrosion.

It added that 2,402 barrels of crude oil were spilled on land; 2,378 barrels of crude oil were spilled on swampy terrain, and 525.01 barrels of crude oil were spilled on seasonal swampy terrain.

Oil firms have continuously battled oil spill incidents in their hosts communities, most of which have lingered, and have led to the loss of billions of dollars in revenue for the country.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

4 days ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

1 month ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.