Abstract
This paper is an empirical analysis of the impact of greenhouse gas emissions on the oil & gas revenue in Nigeria for the period of 1981-2010. The population of the study is the upstream sector of the Nigerian oil & gas industry. The study adopted multiple regression techniques and data were collected from secondary source from the World Bank database and the central bank of Nigeria statistical bulletin. The findings reveal that gas flaring and gas venting is positively, strongly and significantly influencing the oil & gas revenue in Nigeria, It is recommended among others that, the Nigerian government should utilize revenue derived from the flaring and venting of gas to cater for the environs affected by the unnecessary and deliberate flaring and venting of greenhouse gas. Also, the Nigerian government should increase the amount charged as penalty to control gas emissions hence, reducing the amount expended on control measure. DOI: 10.5901/ajis.2014.v3n7p127
Highlights
The Nigerian oil and gas industry accounts for vast revenue from the various sectors within its span, ranging from the upstream, midstream and downstream activities
The main objective of this study is to examine the impact of Greenhouse Gas Emissions on Oil & Gas revenue in Nigeria
The paper investigates the impact of greenhouse gas emissions on oil & gas revenue in Nigeria
Summary
The Nigerian oil and gas industry accounts for vast revenue from the various sectors within its span, ranging from the upstream, midstream and downstream activities. The production of oil and oil related products undergoes various processes in the upstream sector of the industry Such that associated natural gas which is a byproduct of the extractive phase is considered more as a waste product than an economic resource due to the costly nature of converting associated gas into commercial gas. For this reason, In order to enhance cost effectiveness, excess gas from drilling associated with natural gas or oil is burned or flared off, releasing carbon dioxide emission (CO2), into the atmosphere venting of the gas without burning, releases methane emission (CH4). Crudely, these gases make up about 80% of greenhouse gases associated with oil & Gas to date
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