The Nigerian oil industry is dominated by multinational oil corporations (MNOCs) that provide the technology and managerial expertise for running the industry. Petroleum development is a capital-intensive undertaking, involving enormous sums of money in foreign exchange. It also involves considerable negotiations between the MNOCs and Nigeria, and these negotiations often end with signing contractual obligations by both sides. Nigeria, being a Third World Country, is at a disadvantage compared with the NOCs, in terms of risk capital, technology, and management skills when such legal arrangements are being prepared.The major focus of the book is on the structure and forms of petroleum development contracts between Nigeria and the MNOCs. It covers contracts, spanning the beginning of oil exploration in Nigeria from 1908 to the 1990s. Crucial issues such as ownership, control, transfer of technology, financial returns and "indigenisation" of the industry under the contracts are examined against the background of the country's overall foreign investment and petroleum policies, and changes in the global oil scene. The aim is to see whether the contracts strike a balance between foreign exploration and national policy objectives. With contemporary legal studies becoming increasingly interdisciplinary, the book significantly draws on political economy writings in economics, policies and law.

National Virtual Library of Nigeria

Petroleum Development Contracts with Multinational Oli Firms

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