IMPACT OF COVID-19 ON THE OIL AND GAS INDUSTRY IN NIGERIA

B.Sc. Kehinde Oladehinde Idowu

Master's thesis

Abstract:

This study aimed to investigate The COVID-19 pandemic's effects on the petroleum industry by analyzing the financial performance of two Petroleum companies, Seplat and Total Energies, before and after the pandemic outbreak. The t-test results indicated mixed findings regarding the effects of COVID- 19 on the companies' financial indicators. Seplat experienced a significant decrease in revenue, while the impact on profitability and production was less clear. Total was able to maintain its oil revenue during the pandemic, but with inconclusive results on profitability. The research revealed that the pandemic had a substantial effect on Nigeria's petroleum industry, but the effects were not uniform across companies and financial indicators. While Total was able to maintain its oil revenue, but with inconclusive results on profitability, Seplat did not witness any significant change with respect to the Pandemic. These findings emphasize the need of keeping an eye on the petroleum industry's firms' financial health in the post-pandemic age and the need for policymakers and industry stakeholders to devise strategies to address the challenges faced by the sector. Overall, the research indicates that the COVID-19 pandemic has significantly impacted Nigeria's petroleum industry, and for the sector to continue to be viable in the future, it will need to adjust to the issues the pandemic presents.

Keywords

Nigeria, Covid 19, Petroleum Industry, Global Economy, Petroleum Prices, OPEC, Oil Demand

Language used: English

Date on which the thesis was submitted / produced: 3. 4. 2023

Thesis defence

• Date of defence: 30. 5. 2023
• Supervisor: doc. Ing. Irena Jindřichovská, CSc.
• Reader: Eva Jančíková, externi

Czech University of Life Sciences Prague

Faculty of Economics and Management

Master programme:
Economics and Management