THE EVOLUTION OF MULTINATIONAL COMPANIES AND PETROLEUM EXPLORATION IN NIGERIA: A HISTORIOGRAPHIC APPROACH
This work takes a cursory look at the evolution of multinational companies and petroleum exploration in Nigeria. The paper examined the role and activities of major multinational oil companies in crude oil and gas exploration, focusing on American and French Multinational Companies in Nigeria. The study adopted quantitative and qualitative content analysis relying on secondary sources of data. The history of petroleum exploration and exploitation of crude oil and gas, the respective role of the major multinational oil companies, and their impact on Nigeria’s economy constitute the subject matter of this study. The findings revealed that the issuance of licenses to operate private petroleum refineries and the rehabilitation of government refineries will increase Nigeria’s oil refining capacity, increase domestic consumption and reduce the importation of fuel. The study showed that crude oil is of different grades and exhibit features which made it tradeable in the international oil market. The research also confirmed that the COVID-19 pandemic contributed to the decrease in crude oil (bonny light) price, and the current economic recession in Nigeria. The paper then concluded that petroleum exploration and exploitation, as well as the role and activities of multinational companies, have significant implications for benefits and losses from petroleum exploration in Nigeria.