Energy has been identified as a very important factor in the economic,
social and political development of any nation (Ojolo et al.,
2012). Although the abundant hydrocarbon natural resource
(crude oil and natural gas) in Nigeria has been identified as the
mainstay of over 80% of revenues to the nation, it has not served
as a catalyst for economic growth neither has it served as the major
source of energy in the mix of energy supplies (Machunga-Disu
and Machunga-Disu, 2012). The annual statistical bulletin of the
Organization of Petroleum Exporting Countries (OPEC) 2009 revealed
that Nigeria’s proven crude oil reserves and natural gas
are 37.2 billion barrels and 5292 trillion standard cubic meters,
respectively.