Assessing The Effectiveness of Risk Management and Mitigation Strategies Employed by Oil Companies in Bonny and Ogba/Egbema/Ndoni Local Government Area of Rivers State, Nigeria (Published)
This study assessed the emergency and risk drivers in oil exploration activities in Bonny Local Government Area, Rivers State, Nigeria. The descriptive research survey design was adopted for the study. Five research questions were raised to guide the study. The data for the study were collected using a five-point likert scale questionnaire containing a total of 25-items and utilized as a major instrument for the study. In all, three hundred and sixty (360) respondents made up the sample for the study. Arithmetic mean and standard deviation were the major statistical tools used for the data analysis. The results of the study reveal that the risk management and mitigation strategies employed by the oil companies in the study areas are grossly ineffective. Findings of the study also revealed that putting in place a comprehensive scientific rehabilitating programme for the people, diversification of sources of income, adequate compensation for people affected by oil spill, government and other stakeholders in the oil industry provision of grants and soft loan to affected persons and the adoption of long distance farming and fishing are potentials for alternative livelihood for the people. Finally, findings of the study showed that strict adherence to regulations and safety procedures, routine inspections and maintenance of oil equipment and infrastructures, comprehensive training and education, emergency preparedness by oil companies and the use of advanced technology are possible recommendations that could improve the safety and risks reduction strategies in oil explorations. Based on the above findings, the study recommended among other things, that oil exploration should be operated within stringent regulations designed to safeguard the welfare of employees, the environment, and nearby communities, oil companies operating in the areas should ensure regular monitoring and maintenance of their equipment and facilities so as to reduce the occurrence of pollution due to faulty oil and gas facilities, that oil companies should formulate and practice clearly defined emergency response strategies to manage potential incidents like oil spills or fires effectively. Lastly, conduct routine drills to ensure all staff are adept at promptly and efficiently executing these plans.
Keywords: Effectiveness, Mitigation, Risk Management, Strategies., assessing, oil companies