A Critical Appraisal of Nigeria’s Proposed Oil Industry Governance and Regulatory Framework: Implications for Foreign Oil Companies Operating in Nigeria.

Abstract

An evaluation of Nigeria’s proposed oil industry governance and regulatory framework, and its implications for foreign oil and gas investors. It begins with an Examination of the evolution of the Petroleum Industry Governance Bill(PIGB) vis-a-vis an assessment of the proposed changes within the PIGB. This will be achieved by investigating how the re-structuring of the Nigerian National Petroleum Corporation(NNPC) will affect the existing joint ventures and the production sharing contracts held by the foreign oil and gas investors. More so, an attempt will also be made to determine whether the issue of change of laws may be deemed ‘tantamount to expropriation.’ Several questions will be raised regarding the manner in which International Investment law restricts the Host States regulatory autonomy and how tribunals have attempted to strike a balance between the issue of investment protection and the preservation of the host State regulatory autonomy: an issue which has become so difficult to resolve. And through these issues, disputes may arise, thus, the settlement of investment disputes shall be considered. It is noteworthy that, this dissertation is examining the draft of the PIGB as at present, because it might change.