Prima c'era = Earlier/before/first there was
una perdita = a leak/leakage
d'olio = of oil
Earlier there was a leak of oil.
(Counting possibile correct solutions we first have 3 x 2 = 6 and by changing word order from "a leak of oil" - to - "an oil leak" we get 6 more . . . and perhaps there are more permutations?)
"Leak" and "leakage" has the same basic meaning as nouns. But "leak" can also be used as a verb (to leak) and in plural as a word for what is leaking (the leakings)
Don't know if technically incorrect but usual expression for "oil spill" is "una fioriuscita di petrolio" or "una perdita di petrolio" https://dictionary.reverso.net/english-italian/oil%20spill
"oil shortage" = "la penuria di petrolio" or "la carenza di petrolio" https://dictionary.reverso.net/english-italian/oil%20shortage