Petroleum and The Nigerian Economy

Crude petroleum is a good example of a

A)lasting asset

B)wasting asset

C)synthetic product

D)costless resources

Nigeria joined the Organisation of Petroleum Exporting Countries (OPEC) in__________

A)1970

B)1971

C)1972

D)1973

The release of a liquid petroleum hydrocarbon into the environment is_______

A)Oil glut

B)Oil spill

C)Oil shock

D)Oil wastage

The petroleum industry in Nigeria is

A)The sole source of the nation’s revenue

B)The oldest industry in the country

C)The mainstay of the economy

D)A factor in the decline in the nation’s foreign reserves

E)In the hand of NNPC

The crucial factors which determines the location of petroleum refineries in Nigeria are the availability of raw materials and

A)Capital

B)Political consideration

C)Nearness to source of power

D)Labour

E)Availability of seaports

The full meaning of NNPC is?

A)Nigerian National Population commission

B)Nigerian National Petroleum Corporation

C)National Number of Petroleum Companies

D)None of the above

Organization of petroleum exporting countries (OPEC) was founded in

A)1955

B)1960

C)1979

D)1977

Which of the following is not done by the NNPC?

A)production of crude oil

B)Refining of crude oil

C)Exploration for crude oil

D)Exploitation of crude oil

E)Pricing of crude oil

The main function of NNPC is to

A)oversee the development of the oil sector

B)develop the oil-producing area

C)fix the price of products

D)ensure regular supply of products

Upstream oil activities involve the

A)exploration of crude oil

B)refining of crude oil

C)marketing of finished products

D)management of pollution

The downstream activities of oil companies in Nigeria involve

A)refining and distribution

B)prospecting and exploration

C)off-shore drilling

D)management of spillage and pollution