Environmental and Economic Impacts of Crude Oil and Natural Gas Production in Developing Countries

Abstract

As much as the production of crude oil and natural gas generate enormous costs on the environment, it also directly impacts on the economy of the producing state. The later, among other reasons, is the motive for investing huge capital in the industry. This paper addresses the motives for the production of crude oil and natural gas; identifying the components of these products that are toxic to the environment and public health. Apart from highlighting the economic benefits accruing to the producing countries and her citizens, the study universally looked through the processes and products involved in crude oil and natural gas production and pointed out the impacts of these processes and products on the environment and the health of the public. It is believed that a complete understanding of the interplay between these processes and products with the environment will aid producing companies as well as governments of producing nations make better decisions on the strategies to minimize the effects of production activities on the environment and the health of the public.