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The study is a combination of survey and exploratory design. It utilized primary data (questionnaire) and secondary data (as journal, articles, industry reports and newspapers) with relative contents to the topic of discuss. The questionnaire was distributed to E&P workers in three LOCs, SEPLAT, Famfa oil and Yinka Folawiyo Petroleum. IOCs respondents from Shell, Total and Exon Mobil. Ten 10 questionnaires were distributed to each making 60 and 51 questionnaires retrieved and completed. The data gathered was presented using tables and analyzed using simple percentages, frequency and mean. The study concluded that participation of indigenous companies in exploration and production activities in the country has several economic advantages which both individuals and the government can benefit from. This includes increased production (barrels), increased Gross Domestic Product of the nation, job creation/ reduction of unemployment in the country and improved human resources due to training of indigenous worker. It recommended that the local content policy of 2010 should be taken more seriously by the government and more indigenous companies should be encouraged to go into oil exploration and production to increase the availability of crude oil products in the market which will automatically lead to better GDP, reduction in capital flight and increase in individual company income. |
