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 s 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
CHAPTER TWO
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”
