The nigeria oil industry essay

Its production and distribution, according to Asimiaffects the relations among nations and even the purchasing power of some individual citizens. However, Nigeria ceased exports to the US in July because of the impact of shale production in America; India is now the largest consumer of Nigerian oil.

The company began exploratory work in Nigeria is characterised by a federal system with 36 state governments, Local Government Areas and the federal capital territory of Abuja.

petroleum is a blessing to nigeria

Texaco operates the Pennington Terminal. He and the others were hung in and he was buried in an unmarked common grave. Additionally, Nigerian government officials have remained majority shareholders in the profits created by the production of Nigerian oil, leading to government capturing of nearly all oil production, and citizens are not seeing socioeconomic benefits, and insist that oil companies should compensate people.

Impact of oil and gas on nigeria economy

Nigerian hip-hop music is growing in popularity and has a lot of influence on the Nigerian youth and beyond. By expanding to deep water drilling the possible sources for finding new oil reserves is expanded. They may affect socio-economic and political developments of the country as well as have considerable enviromental implications. By, oil revenue had risen to 6. This paper examines the impacts of the oil wealth in Nigeria on different spheres — economic, social, political and enviromental, both in the regions where oil drilling and shipping take place the southwestern oil producing areas of Rivers, Cross River, and Delta , and in the country as a whole. Nigeria is the largest producer of sweet oil in OPEC. The members are known because they occupy strategic positions in the affairs of this country. The main reasons underlying this trend are that some Gulf Coast refiners have reduced Nigerian imports in favor of domestically-produced crude, and that two refineries in the U. For example, in February at a protest at Chevron's Escravos oil terminal, soldiers opened fire on the protestors.

During this period, it took the Ghanaian government over one year to enlighten her citizens on the coming price increases, so that when it finally came, nobody was taken unawares. Oil industry sources indicate that Mobil is likely to overtake Shell as the largest producer in Nigeria within the next five years, if current trends continue, mainly due to its offshore base allowing it refuge from the strife Shell has experienced onshore.

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Petroleum industry in Nigeria