Articles

Oil Theft In Nigeria: Which Way Is Forward?

Aug 11, 2013

Concern is currently at an all time high as the country’s revenue continues to dwindle due to the relentless activities of oil thieves who steal up to 400,000 barrels per day according to some reports. Such concern is particularly well founded as this is coming at a time when multinationals are divesting due to the…

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An Overview of the Nigerian Oil and Gas Industry Local Content Initiative

Jul 29, 2013

The Nigerian Oil and Gas Industry has developed, focusing on increasing indigenous participation in the industry. This is reflected through the Nigerian government initiative of increasing Local Content and ensuring that indigenous companies have a greater part in developing oil and gas assets. The current climate of the industry has largely been influenced by the…

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The Nigerian Production Sharing Contract: An Overview

Jun 6, 2013

The Production Sharing Contract (PSC) was widely introduced in 1993 to address some of the issues faced by the Joint Operating Agreement (JOA) and also to provide a suitable agreement structure for encouraging foreign investment in offshore acreage. Under these arrangements, the NNPC is the holder of the concession while the IOC is the contractor.…

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The Evolution Of Upstream Contracts In The Nigerian Oil And Gas Industry

Jun 6, 2013

Nigeria’s oil industry has always struggled with the challenge of devising appropriate legal regimes and fiscal policies aimed at maintaining the balance between meeting national objectives and at the same time responding to developing trends in the global oil industry and encouraging investment. A result of this has been the use of various types of…

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Protecting The Interests Of Parties To A Production Sharing Contract: A Look At Stabilisation And Renegotiation Clauses

Jun 6, 2013

According to Taverne, the production sharing contract (PSC) is the oldest form of risk contract and has been utilised within the petroleum industry for over 25 years. Against this backdrop are the aims of the parties when entering into these types of agreements. In terms of mineral development the main aim of the multinational firm…

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An Introduction To Joint Operating Agreements – Part 2

Jun 6, 2013

Non Operators The non operators are active investors who, through the Op-com, exercise overall control and supervise the joint operations of the parties. The major right of non operators is to uplift pro rata their share of any production arising out of the joint venture operations. It must be noted however, that in certain types…

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An Introduction To Joint Operating Agreements – Part 1

Jun 6, 2013

It is a well known fact that economic activities such as oil and gas exploration are fraught with high costs and extreme risks. Thus, business vehicles known as joint ventures are the main way by which international oil companies come together to offset costs and to share risks. It is generally recognised that partnerships, limited…

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