PROBLEMS AND PROSPECT OF MARKETING PETROLEUM PRODUCTS IN NIGERIA

PROBLEMS AND PROSPECT OF MARKETING PETROLEUM PRODUCTS IN NIGERIA

ABSTRACT

This research who investigated the problems and prospects of marketing petroleum products in Nigeria (A case study of INFRA Oil Company Nigeria Plc Enugu-Nkwo).
The major objectives of this project or research was to examine those problems that affects marketing of petroleum product in Nigeria, using INFRA Oil Company Nigeria Plc as the case study. To accomplish the above objectives therefore, the work has to be divided into five chapters. The first chapter introduces an introduction. It points out the background of the study and scope. While chapter two reviews the literature and the problems.
Again, chapter three constitutes the main body of the project. here, it highlighted on the methodology which comprises, area of study, population of study, sample technique, instrument for data collection validity and reliability of the instrument. And in chapter four, it deals on data presentation and analysis and how the respondents answered their questions as shown in the tables.
Furthermore, chapter five summarizes all the write-up by way of funding recommendation, limitation of study, suggestion for further study and concerns this project.

CHAPTER ONE

INTRODUCTION
The aim of this chapter is to present the introductory part of this work which comprises the followings:
The background of the study, brief history of the company etc.

1.1 BACKGROUND OF THE STUDY
Oil exploration began in Nigeria in 1908, although the documentation of the occurrence of minerals was reported some five years earlier in 1903. The exploration efforts were punctuated by the two wars but eventually yielded result with the discovery of oil in Olribiri in 1956 by shell – BP.
Production increased from a mere 5,000 barrels per day (bid) in 1957 to 17,000 b/d by independence in 1960 and leap flogged to 450,000 b/d by 1966. although this upward trend was slowed by the civil war, by 1970 daily production had reached one million barrels. A peak production level of 2.4 million barrels per day was achieved during the second quarter 1979.
Production had fallen since them to the current 1.611 billion b/d both on technical grounds and adherence to OPEC quota brought about by the need to control production to support prices.
Government’s interest in the oil industry was handled by a number of government department of petroleum in the ministry of mines and power 1970. although the Nigeria National oil Corporation (NNOC), the forerunner to the Nigeria National Petroleum Corporation (NNPC), was formed in 1971 primarily to market. Nigeria crude oil, government’s direct involvement in the marketing of oil did not begin until 1973. that was when the government started having it’s own equity crude acquisition of participation interest in the operations of the oil companies.
The government initially sold back the bulk of it’s participation oil to the foreign oil operation companies through a buy-back arrangement. Under this arrangement, the government sold back 50 percent of its equity crude oil to another companies at a concessionary price to help cushion the effects of it’s participation and to enable the companies meet previous long term commitments.

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PROBLEMS AND PROSPECT OF MARKETING PETROLEUM PRODUCTS IN NIGERIA