Economic Investigation and Statistical Database Development for the Oil and Gas Industry

Abstract

Abstract Nigeria's oil and gas industry is in its budding stage of development and thus requires high technological drive for growth and sustainability. Most operations done in the past have not been preceded by proper appraisal and review to ascertain if there might have been areas for optimization as well as improving on future operations. This has led to huge financial losses in oil business, of which Nigeria takes a substancial percenage of this loss. In this work, areas of business operations where these losses can be mitigated are identified through thorough economic investigation. The investigations are conducted under professional consultancy services, whose inputs are technology based and reliable at all times. In this investigation method, statistical data are developed that make history matches as well as identify regularly repeating trends in operations vivid. With the results from this analysis, new decisions can be made to better the outcome of future operations. Key areas for performance improvement are identified and optimized as well. Finally a database of various findings is developed to properly document useful data for future purposes by consultants as well as industry professionals. The Nigerian oil and gas business will benefit immensely from this project especially in management issues and in planning future business operations