Gidado, Maxwell Michael (1992) Petroleum development contracts with multinational oil corporations : focus on the Nigerian oil industry. PhD thesis, University of Warwick.

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Abstract

Today, the Nigerian oil industry is dominated by MNOCs who
provide the technology and managerial expertise for the
running of the industry. Petroleum development is a capital-intensive
business involving enormous sums of money in
foreign exchange. It also involves a lot of negotiations
between the MNOCs and Nigeria. These negotiations often end
with signing of contractual obligations by both sides.
Nigeria, being a Third world country is at obvious
disadvantage compared to the MNOCs in terms of risk capital,
technology and management skills.
The major focus of the study is on the structure and forms
of petroleum development contracts between Nigeria and the
MNOCs. The scope covers contracts spanning the period when
oil exploration first began in Nigeria to the present.
Crucial issues such as ownership, control, transfer of
technology, financial returns and 'indigenisation' of the
industry under the contracts is examined against the
background of the country's overall foreign investment
policies, petroleum policies and changes in the global oil
scene. The aim is to see whether the contracts strike a
balance between foreign exploitation and national policy
objectives. With contemporary study of law gradually moving
towards the study of law as an interdisciplinary subject,
the study significantly draws on political economy writings
in economics, politics and law.
It is found that three kinds of petroleum contracts are
operating in Nigeria. These include - concession regimes,
joint venture/participation agreements and production
sharing/risk service contracts. Also that the structures of
these contracts are largely based on the bargaining strength
of the two parties. Although, the study argued that Nigeria
had improved her bargaining position through her experience
over the years and membership of OPEC, yet the study
demonstrates that these contracts do not allow Nigeria
enough opportunity to reduce her dependence on the MNOCs. In
all, the study demonstrates how difficult it is for a less
developed country such as Nigeria to gain complete control
over its petroleum resource (even if it has the capital) if
it lacks technological and managerial capabilities. It also
demonstrates the role and limitations of law in fashioning
the framework for relations between MNCs and the TWCs.

Item Type:	Thesis or Dissertation (PhD)
Subjects:	H Social Sciences > HD Industries. Land use. Labor K Law [LC] > KN Asia and Eurasia, Africa, Pacific Area, and Antarctica
Library of Congress Subject Headings (LCSH):	Oil industries -- Nigeria, Petroleum law and legislation -- Nigeria, International business enterprises -- Nigeria
Official Date:	March 1992
Dates:	Date Event March 1992 Submitted
Institution:	University of Warwick
Theses Department:	School of Law
Thesis Type:	PhD
Publication Status:	Unpublished
Supervisor(s)/Advisor:	Beale, H. G.
Sponsors:	University of Warwick. Dept. of Law
Extent:	xix, 351 leaves
Language:	eng

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