Contractual Arrangements for the Exploration and Production of Petroleum in Nigeria

The focal point of the book is the appraisal of the Nigerian oil industry, especially on the contractual Arrangements revolving round the exploration and production of petroleum in the sector. These arrangements ranging from Oil Exploration Licence (OEL), Oil Prospecting Licence (OPL), and Oil Mining Lease (OML) and the government through the Nigerian National Petroleum Corporation (NNPC) enters into various other contractual arrangements with oil companies to meet different ends depending on the nature and scope of such contracts: Petroleum Sharing Contracts (PSC), Joint Venture Arrangements (JVA), and Risk Sharing Contracts (RSC).Despite the arrays of contractual arrangements, there seem to be no arrangement that answers all problems in the sector, each of the arrangements have their distinctive inherent issues. In a bid to assuage the problems in the sector, the government enacted the Nigerian Oil and Gas Industry Content Development Act of 2010 to inter alia promote the use of Nigerian companies/ resources in the award of oil licences, contracts and projects.