International Journal of Innovative Research and Development

Abstract

The paper assesses local content policy and its implications on the operation of marginal oil fields and the Nigeria economy. The data for this study was obtained from secondary sources: literature review on economic development of marginal field operation and Nigerian local content act .Given the strategic importance of marginal field development and the significant expenditure that occurs in the business, which offer excellent opportunity for wealth creation within the Nigerian economy, the use of local content policy in marginal field operation is of strategic importance since it will lead to cost reduction thereby increasing the profitability of the marginal field projects. However local content policy is also associated with numerous challenges. The contribution of local content policy to marginal field operations over a wide range of countries exceeds that of all other productive factors. The finding shows that local content policy if properly implemented should lead to cost reduction in marginal field operation and job creation in the Nigerian economy.

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Natural gas is a strategic asset from marginal oil fields which will bring about sustainable development of the Nigerian economy. The study investigates the factors influencing the optimization of natural gas from marginal oil field operations in Nigeria. The method of the study consisted of extensive literature review on utilization of natural gas from marginal field development was carried out and specifically a model of natural gas monetization from Asuokpe/umutu marginal field by Platform Petroleum was as used as a case study. The result of the study revealed that provision of adequate infrastructure and collaboration are some of the critical success factors, while barriers to optimization of natural gas are inadequate funding, monopolistic market structure, weak manufacturing and inadequate linkages. The study recommends adequate infrastructure in terms availability of finance and collaboration by marginal field operators and other stakeholders should provide enabling environment that will lead to optimization of natural gas.

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The study assesses the relevance and challenges of corporate social responsibility with emphasis on sustainable development policies for economic development of marginal oil fields in Niger Delta. The proposed model of sustainable corporate social responsibility highlights the importance of changing paradigm in the design and implementation of corporate social responsibility, we conclude that to redress the situation of community challenges in the development of marginal oil fields in Niger Delta, there is the need to adopt an approach that strike a balance between economic, socio and cultural objectives.

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