Articles

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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