This paper discusses the effect of crude oil price fluctuation on the personnel, projects and finances of oil & gas exploration and producing companies, as well as, the cost optimization efforts carried out during the era of lowcrude oil price. Following investigation and historical data, it is evident that crude oil price fluctuation is cyclical in nature. To make their product available for sale, oil & gas organizations, at the peak of the crude oil cycle engage in high operating-cost systems. With drastic fall in the price of the product, as experienced between July 2014 and February 2015, such organizations were faced with the challenge of continuing production at a non-profitable cost. Crude oil price fall, have always had a big negative impact on the personnel, projects and operations of organizations in the Nigerian oil and gas industry. For personnel, the most prevalent impact was the loss of jobs, for company operations it was the reduction in revenue (income) for the companies and for projects it was the delay or cancellation of projects earlier considered profitable. These losses or delay of projects led to reduction in product portfolio and/or divestments for the organizations involved. For the Nigerian oil and gas companies to adapt to the economic changes occasioned by the change in price, several measures have been proposed which include individual companies initiating and utilizing procedures that ensure good costing of projects, benchmarking of relevant prices and promoting good costing practices and proper management of balance sheet and adhering strongly to sustainable OPEX and CAPEX levels, to ensure opportunities are identified and utilized. The researchers asserts that crude oil price fall with its attendant negative impact could be scientifically explained. A quantitative research methodology has been applied in the study of this topic. Using online survey, information has been gathered from respondents from six different oil and gas companies indicating their demography, individual experience, companies experience and project experience during the last crude oil price fall (2014 -2017). Secondary data obtained from historical records helped to show the influence of crude price slump on the financial health status of oil and gas exploration and producing companies. The data also helped to confirm the primary data received in the online survey.

Nigeria with a proven gas resource base of over 206tcf possesses the biggest gas reserve in the continent of Africa and is the 9th largest in the World (NUPRC website, 2021). However, Nigeria faces the challenge of making clean cooking gas accessible and affordable for its populace. Investments in making cooking gas affordable will improve the economy of the average household and reduced carbon footprint in this part of the world. The Nigerian Government by March 29th, 2021 proclaimed the following decade, the decade of gas reform and development. The blueprint of a Nigerian Gas Master Plan (NGMP) focusing on accelerating the growth of the country's gas sector was to be adopted. Efforts required in this plan would include developing better-adapted technologies and delivery models, and stronger institutional frameworks. Substantial efforts are required across the region to help convert the abundant natural gas resources into adequate domestic gas utilization and hence for national development. A key factor for making clean gas accessible and affordable for all, is to have in place, gas infrastructure for storage and distribution. A number of Nigerian oil and gas production platforms still flare their gas due to inadequate gas processing, treatment, and storage facilities. Other factors hindering development of the domestic gas sector include the non-adoption of modern gas recovery technology, inadequate media enlightenment, and stakeholders’ willingness to invest in carbon footprint reduction initiatives. Using quantitative research methodology, the researcher looked at the pricing of Liquified Petroleum Gas (LPG) over a 7-year (2016-2022) period. Examination of the gas infrastructure development within the same period was also analysed to determine if more gas has been made available in the Nigerian market. A survey was done to ascertain possible factors affecting investment in gas sector of Nigeria. Secondary data was obtained from the World bank databases showing revenue generated from gas amongst top 10 African countries. This helped to show value obtained from the gas sector. Key benefits for making domestic gas accessible and affordable would include, improved Gross Value Addition (GVA) for investors and the national economy, better health conditions for the millions already affected by using solid biomass (firewood and charcoal) for cooking as well as reduction in carbon emissions.

Oil price is primarily determined by global supply and demand forces as well as governments policies and action or inaction of institutions like OPEC. However, in recent times, it has become evident that public health is a vital factor influencing demand and in turn oil price. In US, oil price reached a negative value for the first time in history by April 2020. Personnel and public health have been shown to have profound effect on operational expenditure (OPEX) of organizations, this in turn affecting the profitability of such organizations. Extra measures involving cost, had to be taken by organizations all over the world to ensure health and safety of their personnel in their sites. In Nigeria, effect of covid-19 measures for companies were, shut in of production, declaration of force majeure on ongoing contracts, slashing of costs, suspension on evaluation of future projects, profile assets for sale, remote/tele working, etc. Huge costs were also incurred as a part of corporate social responsibility for host communities/states where they operate. The consequential outcome is that there are reports of lower than planned profitability and liquidity positions. This paper examines action taken during this covid crisis and their impact on the financial status of their organizations. Using a quantitative and descriptive research design, an online survey has been used to gather information from respondents from different oil and gas companies of cost incurred by them. Secondary data was also obtained from quarterly reports of some companies of the oil majors to show their profitability comparing Q1-Q4 of 2019 and 2020. The paper also appraises action and inaction by corporate/government bodies to stimulate economic growth and help its personnel/citizenry. An attempt is also made to glean experience and lessons from organization that lived through the periods being examined.