THE ACCOUNTING FOR HUMAN RESOURCES IN THE OIL AND GAS INDUSTRY IN NIGERIA (A Case Study of Shell Petroleum Development Company of Nigeria).
The study was conducted on the Accounting for Human Resources in the oil and gas industry in Nigeria (A Case Study of Shell Petroleum Development Company of Nigeria).
Different set of people in the company were interviewed and questioned for the purpose of the study.
The data were gathered through the administration of questionnaire to respondents from different department status in the organization.
The results were analysed based on a simple percentage and interpreted under discussion of results. Finding of analysis were used to give recommendation to problems identified in the study. While the hypothesis were tested using chi-square method statistical tools for hypothesis testing.
The major findings conclusions at the study among others are:
- Loss of revenue to the company will occur if the department continues in their current practice of not informing the human resource department about when their contract staff is on leave so that they would not be paid during such period.
- Loss of revenue to the government will occur, results of 5% withholding tax payment by the contract staff which is not properly computed by the company.
1. 1 BACKGROUND OF THE STUDY: THE ACCOUNTING FOR HUMAN RESOURCES IN THE OIL AND GAS INDUSTRY IN NIGERIA (A Case Study of Shell Petroleum Development Company of Nigeria).
It is well know fact that the Nigeria major sources of revenue is from oil gas sector of the economy. This account for over 80% of the total revenue generated by the government in the recent past. the Nigeria foreign resources has increased tremendously due to the high price of petroleum product all over the world. This has brought some level of confidence to the foreign investors to invest in the Nigeria economy and stability in the exchange rate of the Nigeria currency.
As the importance of this sector cannot be over emphasized, it is pertinent to see that those companies that are engaged in exploration of the crude oil carry out their activities in an effective and efficient manner.
My focus of this research will be based on accounting for human resources in the oil and gas industry, a case study of shell petroleum Development Company of Nigeria limited.
The topic was chosen because of my concern as to determine the treatment being meted out to personnel in the industry.
This research projects is based on the human resources accounting of shell petroleum Development Company of Nigeria limited. It focuses at the points highlighted in the proposal. Before I proceed, would like to present the followings
Structure of the Oil Industry
Most of the oil in Nigeria comes form the Niger Delta and six major companies of which SPDC is the largest. The others are EXXON, Mobil, Chevron Texaco, Agip, Total Fina ELF, and Texaco. All these operations are joint ventures with the government holding a majority share of between 55. 60 percent, through the NNPC (Nigeria National Petroleum Corporation).
National Oil Companies
NNPC and its subsidiaries are senior partners in all the major upstream ventures. They have extensive domestic operations, especially downstream. They own large reserve of oil and gas and enjoy a monopoly of refining and petrol chemicals. NNPC depends on the government for fondling and has limited access to international capital markets.
Major Oil Companies
Shell, Exxon, Mobil, Chevron, Agip, Total Fina ELF, Texaco, ESSO, Canoco.
These companies operate internationally and have a strong financial hue. They have considerable technological know how and extensive information networks. They are commercially and markets driven with strong links to head offices and sister companies world wide. Their activities in Nigeria usually relate to upstream operations.
Independent Oil Companies
Addax, Amni, Atlas, Brass, Cavendish, Consolidated, Continental, Dobril, Express, Famfa, Montorief, Penk, Sommit and others. These are mostly indigenous companies, but often operating with foreign technical partners. They compliment the role of the major players and national oil companies.
Service and Supply companies
Sdilom Berger, Halliborton, western Alas, Baroid Cameron, Bj Hoghes MI. Drilling Fluids and others.
These companies provide services to the oil industry. They are mainly multinationals with a strong R & D base and skilled manpower. Nigeria companies are now making inroads in this sector ,e. g. lonstar Drilling Savsco well services and others.
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