Petroleum Discovery, Utilization and Processing in the World and Nigeria: A Comprehensive Literature Review

Abstract

While the discovery of petroleum has brought numerous benefits to society, it has also created significant challenges, including environmental degradation and geopolitical conflicts. This review provides an overview of the history of petroleum, beginning from its early discovery and use to the modern era of oil exploration and production. It covers the characteristics of fossil fuels such as natural gas and crude oil, and their impact on the environment. The article further discusses the global distribution of petroleum and the factors that have influenced its production and consumption patterns over time. Finally, the review takes an in-depth look into the oil industry and its impact on the world economy, including a case study of the oil industry in Nigeria forecasting future demand based on the potential impacts of technological advancements and shifts in energy policies.