THE ROLE OF INSURANCE IN THE PETROLEUM INDUSTRIES IN NIGERIA (#4404)

ABSTRACT 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.
TABLE OF CONTENTS Title Page i Approval Page ii Dedication ii Acknowledgment siii Abstract v Table of Contents vi
CHAPTER ONE 1.1Introduction 1 1.1Background of the study 1 1.2Statement of Problems3  1.3Objectives of the study 5 1.4Research Questions 5 1.5Research Hypotheses6  1.6Significance of study 7 1.7Scope of Study 8 1.8Limitation of study8 1.9Definition of Terms  References 
CHAPTER TWO 2.1Literature Review 12 2.2History of oil Petrochemical Industry 12 2.3Types of drilling burgers/platforms13 2.4Drilling operations and costing 16 2.5Pollution 17 2.6Petrochemical Hazards 17 2.7All risk offshore policies 19 2.8Blow out preventer warrant 19 2.9Liability insurance 21 References 
CHAPTER THREE 3.0Research Methodology 40 3.1Research Design 40 3.2Area of the Study 41 3.3Population of the study41 3.4Sampling and Sampling 42 3.5Sample Size and Sample Technique 42 3.6Instrument for Data Collection 44 3.6Instrument for Data Collection 44 3.7Validation of Instrument 44 3.8Reliability of Instrument 44 3.9Method of Data Collection45 3.10Meth of Data Analysis 45 References    CHAPTER FOUR 4.0Presentation and data analysis  4.1Data Presentation 46 4.2Test of Hypothesis 52 References 
CHAPTER FIVE 5.1Summary of r Findings     59 5.2Conclusion 62 5.3Recommendations63 Bibliography   Appendix “A”