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2013 (Vol. 6, Issue: 03)
Article Information:

A Factorial Study on the Inherent Risks of Nigeria Marginal Oilfields

Alaneme, Charles Ezemonye and Igboanugo, Anthony Clement
Corresponding Author:  Alaneme 

Key words:  Factorial analysis, isiekenesi, marginal oilfields, reserves, risks, ,
Vol. 6 , (03): 468-476
Submitted Accepted Published
September 01, 2012 October 09, 2012 June 15, 2013
Abstract:

There are several reasons why the risks inherent in marginal oilfields should be identified and planned for well before its likely occurrence in the course of its exploitation. This study provides enlightenment and deep insight about the insidiousness of these risk factors, discusses their wider implications and gives justification for their economic importance. A survey approach involving the use of Principal Component Analysis (PCA) facilitated by StatistiXL software package was employed. Fifty-three risk variables identified were used to craft questionnaires that were scaled with Rensis Likerts 5-point attitudinal scale and which were subsequently administered to 42 respondents. Prior to this step, Kendall Coefficient of Concordance was applied as to establish merit order sequentiality among the identified factors. Our results showed an index of agreement among the judges in ranking the variables is W = 0.75 and that a null hypothesis of disconcordance among the judges was rejected at a p-value of 0.01. Again, the study was successful in distilling the gamut of variables into 14 manageable dimensions that trumps recovery rate as the most potential risk factor. The authors affirm that risk lurks or skulks about in uncertainty as surprise lies in wait in ambush and therefore needs pre-emptive measures.
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  Cite this Reference:
Alaneme, Charles Ezemonye and Igboanugo, Anthony Clement, 2013. A Factorial Study on the Inherent Risks of Nigeria Marginal Oilfields.  Research Journal of Applied Sciences, Engineering and Technology, 6(03): 468-476.
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ISSN (Online):  2040-7467
ISSN (Print):   2040-7459
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