Analysis of Crude Oil Prodction in Nigeria by Servicing Companies

Analysis of Crude Oil Prodction in Nigeria by Servicing Companies

Akomolafe Abayomi Ayodele

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Oladimeji O.A

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Ikotun D.O.

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Ademuyiwa J.A.

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Olaniyan J.O

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Federal University of Technology

Analysis of Crude Oil Prodction in Nigeria by Servicing Companies

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Abstract

The petroleum industry in Nigeria has brought unprecedented changes to the Nigerian economy, particularly in the past five decades when it replaced agriculture as the cornerstone of the Nigeria economy. The oil industry has risen to the commanding heights of the Nigerian economy, contributing the lion share to gross domestic product and accounting for the bulk of federal government revenue and foreign exchange earnings since early 1970. However, Nigeria’s considerable endowment in fossil fuel has not translated into an enviable economic performance; rather, the nation’s mono-cultural has assumed a precarious dimension in the past decades susceptible to the vagaries of the international oil markets. Empirical analysis was conducted by applying the Multiple Linear Regression of the Ordinary least square techniques, the joint distribution of independent variable contribute to the success of the total production prob(F. Statistic) = 0.00122 which is less than 0.05 thereby establishing the significance of the independent variable. Conclusively, the Servicing Company relationship is not the same, also from estimated regression line only x 2 (Joint Ventures AF/CARRY and x 5 (Sole Risk Independent Companies) has the highest coefficient which implies that they have greater contribution to the total production.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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How to Cite This Article

Akomolafe Abayomi Ayodele. 2021. \u201cAnalysis of Crude Oil Prodction in Nigeria by Servicing Companies\u201d. Global Journal of Science Frontier Research - F: Mathematics & Decision GJSFR-F Volume 20 (GJSFR Volume 20 Issue F9).

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GJSFR Volume 20 Issue F9

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Journal Specifications

Crossref Journal DOI 10.17406/GJSFR

Print ISSN 0975-5896

e-ISSN 2249-4626

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GJSFR-F Classification MSC 2010: 62J02

Submission ReceivedNovember 5, 2020
Peer Review Double Blind
Handling Editor
Accepted November 30, 2020
Published December 11, 2020

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January 5, 2021

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