An Evaluation of Environmental Cost Management in Nigerian Oil Companies: A Study of Chevron Nigeria
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Background of the Study
Environmental cost management has gained prominence in the oil and gas industry, given its significant environmental footprint. In Nigeria, where oil exploration contributes substantially to the economy, companies like Chevron Nigeria face increasing pressure to manage environmental costs effectively while maintaining profitability and adhering to regulatory requirements (Okon & Nwosu, 2024).
Environmental cost management involves identifying, measuring, and controlling costs related to environmental impact mitigation, such as pollution control, waste management, and compliance with environmental laws. Chevron Nigeria's efforts to integrate environmental cost management into its operations can serve as a benchmark for other oil companies in the region. However, challenges such as regulatory inconsistencies, high implementation costs, and limited technological advancements persist.
This study evaluates Chevron Nigeria's environmental cost management practices, focusing on their effectiveness and challenges.
Statement of the Problem
The oil industry in Nigeria is often criticized for its environmental impact, including oil spills, gas flaring, and ecosystem degradation. Effective environmental cost management is essential for addressing these issues, yet many oil companies face challenges such as inadequate regulatory enforcement and limited stakeholder engagement. For Chevron Nigeria, balancing environmental responsibility with profitability remains a significant concern (Adebayo et al., 2025).
This study examines how Chevron Nigeria manages its environmental costs, the challenges it faces, and the implications for sustainable operations.
Objectives of the Study
- To assess the environmental cost management practices at Chevron Nigeria.
- To evaluate the effectiveness of these practices in minimizing environmental impact.
- To identify the challenges associated with environmental cost management in the oil industry.
Research Questions
- What environmental cost management practices are adopted by Chevron Nigeria?
- How effective are these practices in reducing environmental impact?
- What challenges affect the implementation of environmental cost management?
Research Hypotheses
- Environmental cost management practices significantly reduce environmental impact at Chevron Nigeria.
- Challenges in environmental cost management hinder its effectiveness in the oil industry.
Scope and Limitations of the Study
The study focuses on Chevron Nigeria’s environmental cost management practices, with a particular emphasis on their effectiveness and associated challenges. Limitations include restricted access to proprietary data and the potential generalization of findings to other oil companies.
Definitions of Terms
- Environmental Cost Management: The process of tracking and reducing costs related to environmental protection and compliance.
- Sustainability: The ability to maintain operational practices without compromising future generations' needs.
- Environmental Impact: The effect of industrial activities on the natural environment.
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