By Group 10 members
Innocent lilian chider H21MC039
Nazifi Aliyu H21MC040
Lawal Falalu H21MC041
Ebenezer Oluwasegun Adekanle H21MC042
Petroleum Resources means crude oil, natural gas and hydrocarbons whether in natural liquid, gaseous, solid or semisolid state hydrates of oil and gas, sulfur and other similar substances associated with hydrocarbons that are in situ or recovered by petroleum operations. Which is to
say Petroleum Resources is the combination of crude oil, natural gas and hydrocarbons whether in liquid or gaseous form, other definition of Petroleum Resources means oil and gas in their natural state and the revenue or other entitlement accruing to Government from it.
Petroleum Resources has been one of the greatest source of revenue to any country, society or economy, because petroleum products are used to propel vehicles, to heat buildings, and to produce electricity. In the industrial sector, the petrochemical industry uses petroleum resources as a raw material (a feedback) to make products such as plastics, polyurethane, solvents, and
hundreds of other intermediate and end-user goods.
However, Petroleum Resources are called crude oil and petroleum fossil fuels because
they are mixture of hydrocarbons that formed from the remains of animals and plants (diatoms) that lived millions of years ago in a marine environment before dinosaurs existed. Over millions of years, the remains of these animals and plants were covered by layers of sand, silt, and rocks.
Heats and pressure from these layers turned the remains into what we call crude oil or petroleum.
The word petroleum means rock oil or oil from the earth. These shows that Petroleum Resources can be found from onshore and offshore, due to the vast resources and the extraordinary impact cause, automatically it belongs to the government of any country or society and it is not individually defined. Furthermore, Petroleum Resources are classified according to their maturity
with regard to development and production. The main categories are reserves, contingent resources and undiscovered resources.
According to the classification, Petroleum contains four classes of compound, which are alkanes, cycloalkanes, aromatics, and heteroatomic compounds with one or more atoms of nitrogen, sulfur, and or oxygen. While on the basis of ownership, Resources can be classified as individual, community, national and international.
Petroleum Resources can be extracted through exploration and drilling, once it is drilled, a lot of petroleum product can be found such as natural gas, the crude oil and associated gases, but natural gas is only methanic in nature. When talking about the impact of a thing it consists of both positive and negative, Petroleum Resources can bring about the development of a country
or society through the construction of schools, roads, hospital (health care center or sector) and much more. It also provides transportation fuel, is a part of many chemicals and medicines, and is used to make crucial items such as heart valves, contact lenses, and bandages, Oil reserves
attract outside investment and are important for improving countries overall economy.
Nevertheless the negative impact of Petroleum Resource can cause adverse health effects which include skin irritation, eye irritation, dizziness, headache, nausea and in extreme cases, death, because petroleum is widely used, unintentional acute releases can occur almost anywhere, some negative impact can cause environmental hazard which is air pollution hazards; petroleum refineries are major source of hazardous and toxic air pollutants such as BTEX compounds (benzene, toluene, ethylbenzene, and zylene). And it can be harmful to animals, agriculture and even the aquatic life.
Challenges of Petroleum Resources, even as the name implies it and also improve the
economic growth of a country, it also has its own challenges faced day by day, petroleum
resources challenges include population growth; the higher the population of a giving county the higher the demand of petroleum product will increase, this shows that the population of a country plays a major role in the demand of petroleum. Another challenge of Petroleum Resources is
improve environmental consequences, in other not to affect the environment the government
should be able to make plans and effort by introducing and regulating the drilling companies in other for the environment not to be polluted, while another challenges is maintaining the safety of employees; oil and gas industries has become one of the most wanted and lookout for concerning safety and it is becoming dangerous and alarming through bombing of pipeline and
terrorist activities, lastly in accordance with the trending ongoing activities, the petroleum industry act (PIA) which has created an atmosphere of uncertainty, scaring her potential investors away through insecurity.
Conclusively Petroleum Resources holds one of the major revenue to a county through its vast product produced from it, by increasing the overall economy of a country, because it provides and create job opportunities and much more.