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Nigeria records over 6,000 tonnes of oil spillage by saboteurs in 2021 – Shell

Published

3 years ago

April 8, 2022

Multinational oil and gas company, Shell Plc has revealed that the volume of crude oil spills caused by sabotage in Nigeria’s oil-rich Delta more than doubled to 3,300 tonnes last year, a level last seen seven years ago in 2016.

Report says the Niger Delta in southern Nigeria is one of the most polluted places on Earth. Decades of spillages from over 50 years of oil operations continue to erode local communities’ health, well-being, and livelihoods. 75% of spills since 2016 are due to theft and sabotage, mostly by militants and organized crime groups.

Most often the oil and gas are delivered safely to domestic and international customers without problem thanks to a dedicated focus on operational excellence, spill prevention and, if necessary, responding quickly to any spill.

However, multinational in its 2021 Nigeria report (Pdf) claimed that the total spilled volume of crude oil is the lowest for at least 10 years.

“Spills from the SPDC JV operations, activities, and assets are now uncommon and, as the operator, SPDC operates to the same technical standards as Shell companies globally. Illegal activities and their legacy continue to require additional work, security, and engagement with local communities”. The Report reads.

A Premiumtimesng report says between January 2019 and April 2021, 12 states in Nigeria recorded 881 cases of oil spillage, according to data obtained from NOSDRA, a government-run satellite tracker. “About 77 percent of the spills were said to have occurred in only three oil-producing states: Bayelsa, Delta, and Rivers. The three are among Nigeria’s highest oil producers for that period. However, Nigeria’s second-highest oil-producing state during the period, Akwa Ibom, only witnessed 26 oil spills within that period” The report concludes.

Shell operations in Nigeria have encountered difficulties lately in the Delta caused due to operational incidents, theft and sabotage so much that the company has started moves to divest but that decision has not not been without hurdles.

Last month, a Nigerian court stopped Shell from selling any assets in Nigeria until a decision is reached on the company’s appeal of a nearly $2 billion penalty for an alleged oil spill.

In 2021, Shell agreed to pay a Nigerian community $111.68 million to settle a case over an oil spill that took place more than 50 years ago.

Related Topics:Featured Nigeria oil spillage Shell

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”