Petroleum Industry Act In Nigeria: An Analysis of the Impact of the Novel Host Communities Development Trusts Provision (Published)
The repealed Petroleum Act of 1969 in Nigeria became inadequate and largely incapable of meeting the emerging best practices in the oil industry the world over. In particular, the said Act could not address, to a greater extent, the hope and aspirations of the people of the oil bearing states. Since the inception of oil exploitation in Niger Delta region, agitations by the youths of the oil bearing and impacted communities against the activities of the IOCs and subsequent establishment of intervention agencies to address environmental degradation and crisis of underdevelopment in the region failed to engender the needed peace in the region. This work adopts doctrinal research method. The work, therefore, examines and analyses the recently signed Petroleum Industry Act 2021 in Nigeria, as regards the Host Communities Development Trusts provision. The paper found that the new Petroleum Industry Act creates the host communities development trust as an interventionist body, which is remarkably different from other previous and existing intervention mechanisms in the petroleum sector and as applicable to the Niger Delta region. This work also found that the host communities’ development trust is to be established, specifically, to address the developmental needs of the oil bearing and impacted communities in the region. Also, the Trust is to be established by the settlor, that is, the oil companies operating in the upstream petroleum exploration. The work recommends among other things that besides the novel provision in the new Act, there is a need for the settlor to avoid the temptation of allowing interference in the appointment of persons into the Board of Trustees of the host communities’ development trust by politicians and the relevant state governments in the region.
Keywords: Environmental degradation, Petroleum, crisis of underdevelopment. Niger Delta region, host communities development trust
The Political Economy of Oil Marketing In Developing Countries: An Analysis of the Politics of Petroleum and Petroleum Politics in Ghana. (Published)
This article probed the politics of subsidy in developing countries. In spite of the adoption of neoliberal policies of capitalism where production, distribution and exchange of goods and services are supposed to be in the realm of the private sphere, most developing economies are still ingrained unrepentantly in sacrificing scarce national resources meant for infrastructural development on subsidies while scavenging for loans from the International Financial Institutions for development. This paper focuses on Ghana’s experience of the unbridled subsidies on petroleum products in spite of the striking parallels that exist between the state’s economic resources and the sustainability of petroleum subsidies. This paper argue that Ghana’s economic challenges in recent times, and its indebtedness to Oil Marketing Companies (OMCs) are as a result of the unbridled subsidy and politicization of petroleum products since Ghana’s Fourth Republic.
Keywords: Deregulation, Marketing, Petroleum, Political Economy, Regulation, Subsidy
REWRITING CONCESSIONS AGREEMENT: NIGERIAN VIEWPOINT (Published)
This article examined the relevant legal provisions that regulate concession Agreements in the exploitation of Petroleum in the Nigerian Oil Industry. It is important to point out right from the onset that concession agreements from the basis upon which joint venture and memorandum of understanding arrangements are entered into between the Federal Government and Concession holders. In its lucid preparation text books, case law, reported and unreported, internet materials were consulted. The position envisaged that concession agreements are common with countries involved in the upstream activities in the oil industry. Usually, the concession holders are involved in key activities such as exploration, prospecting, and production in commercial quantities of petroleum.
Keywords: Exploration, Petroleum, concessions agreement, oil industry, prospecting, upstream activities