The Role Of Insurance In The Petroleum Industries In Nigeria

This project deals with the role of insurance in the petroleum industries in Nigeria. The economic recession which begin in 1981 is highly correlated to the decline in the average selling price of out due to recession in the world economic situation and oil glut in the international oil market. In order to avert the current recession in the economy. There is an urgent need to diversify the economy the economy. Particularly to more meaningful expansion of the petrochemical, agricultural and steel industries. The role of oil therefore appear limitless as there can be no meaningful of the economy without the sue energy. Therefore, the development of the other sectors is more or less dependent on the oil industry. The aim of this research work therefore is to examine the activities of the producing companies operating in Nigeria, review the various policies of insurance covering the various exposures in order to determine the role played by insurance in the industry. To examine if the existing protection provided by the insurance industry is adequate and make recommendation for necessary improvement. The research is divided into five chapters. Chapter one deals with the introduction and a brief history of the operation at the oil producing and petrochemical companies and the scope of study and definition of terms. Chapter two deals with the literature review as they relate to the topic of study, while chapter three dealt on research methodology sub-divided into sources of data and method of investigation chapter four dealt on the analysis of major which was collected by interview while chapter five summarizes major findings, conclusion and recommendation as well as advice on further area of research.

Title Page           i

Approval Page           ii

Dedication           ii

Acknowledgements         iii

Abstract            v

Table of Contents          vi

CHAPTER ONE

1.1 Introduction          1

1.1 Background of the study        1

1.2 Statement of Problems       3 

1.3 Objectives of the study        5

1.4 Research Questions         5

1.5 Research Hypotheses       6 

1.6 Significance of study        7

1.7 Scope of Study         8

1.8 Limitation of study        8

1.9 Definition of Terms 

References 

2.1 Literature Review         12

2.2 History of oil Petrochemical Industry     12

2.3 Types of drilling burgers/platforms     13

2.4 Drilling operations and costing      16

2.5 Pollution           17

2.6 Petrochemical Hazards        17

2.7 All risk offshore policies        19

2.8 Blow out preventer warrant       19

2.9 Liability insurance         21

References 

CHAPTER THREE

3.0 Research Methodology        40

3.1 Research Design         40

3.2 Area of the Study         41

3.3 Population of the study       41

3.4 Sampling and Sampling        42

3.5 Sample Size and Sample Technique     42

3.6 Instrument for Data Collection      44

3.6 Instrument for Data Collection      44

3.7 Validation of Instrument        44

3.8 Reliability of Instrument        44

3.9 Method of Data Collection      45

3.10 Meth of Data Analysis        45

References 

 

CHAPTER FOUR

4.0 Presentation and data analysis 

4.1 Data Presentation         46

4.2 Test of Hypothesis         52

References 

CHAPTER FIVE

5.1 Summary of r Findings           59

5.2 Conclusion          62

5.3 Recommendations        63

Bibliography  

Appendix “A”