AN APPRAISAL ON THE IMPACT OF OIL INDUSTRY ON THE ECONOMIC DEVELOPMENT

CHAPTER ONE

INTRODUCTION

1.1      Background of the study

Oil is said to be a mixture of organic chemical derived mainly from the remains of microscopic plants and animal that lives in sees millions years ago. Special condition and great length of times were needed for these remains to undergo complex chemical changes to for oil. These are sometimes concentrated in accumulations which man can detect and exploit. Oil exploitation began more than a hundred years ago, when drilling was carried out near oil seeps which indicated that oil lay below the surface. Today, much more sophisticated techniques are employed such as seismic surveying and satellite imaging, powerful computers assist geologist in interpreting their finding. At the end of the day however, only the drill can determine whether or not oil lies blow the ground.