Why would we leave the value chain of the Nigerian oil industry undeveloped beyond
crude oil and gas extraction and export simply because we want to continue with an unsustainable subsidy?
Not exact matches
For years, Nigeria has actually been burning vast quantities of
gas, which is a by - product of
crude oil extraction and can not be brought to potential markets like Europe as easily as
oil.
Since the 1950s Ogoniland has suffered extreme environmental damage
and degradation from
crude oil extraction and waste dumping by multi-national
oil and gas companies.
The dramatic rise in shale -
gas extraction and the tight -
oil revolution (mostly
crude oil that is found in shale deposits) happened in the United States
and Canada because open access, sound government policy, stable property rights
and the incentive offered by market pricing unleashed the skills of good engineers.
Since the peak of
crude oil production a decade ago, the fossil fuel industry has been forced to resort to costly
and unconventional methods of
extraction — arctic drilling
and shale
gas fracking among them — giving rise to unprecedented economic
and environmental hazards.
In North Dakota, where
oil drillers lack the equipment
and pipelines to capture the
gas that accompanies
extraction of
crude, the practice of flaring off the methane lights up some areas over the Bakken shale like big cities at night.
If combustion of the final products is included, the so - called «Well to Wheels» approach,
oil sands
extraction, upgrade
and use emits 10 to 45 % more greenhouse
gases than conventional
crude.