Analysis of the Petroleum Industry Act and its impact on the Nigerian Oil and Gas Sector

Authors

  • Sunday Abayomi Adebisi University of Lagos, Akoka, Yaba, Lagos
  • Kelechukwu Nodirim Ezebuiro University of Lagos, Akoka, Yaba, Lagos

DOI:

https://doi.org/10.57233/gijmss.v6i3.16

Keywords:

Petroleum Industry Act, Upstream, Midstream, Down Stream, Host Community, Oil companies

Abstract

The research analyzed the Petroleum industry Act and how the new law has impacted various actors in the Nigerian Oil and Gas Sector. This research was conducted using a doctrinal legal research approach which was backed by a contextual legal framework that include citations to online sources, literature reviews, case studies analysis, and an assessment of key judicial enactments. In conducting this library-based study, primary and secondary legal sources as well as pertinent existing literature on Petroleum Industry Act 2021 were explored. Various conceptual, empirical and theoretical frameworks such as Resource Curse, Domanial and Sustainable Development theories were used to support the research work. At the end  the study,  was able to find out that the Act established a framework for effective legal, regulatory and fiscal governance of the Upstream, Midstream, Downstream and the Host Communities, even though there were gaps which the Act left to be filled. Finally the study recommended that Gas flaring should be stopped; host community trust fund resources should be properly managed; Payment of 3% for upstream exploration revenue to host community should be reviewed upwards while 30% for frontier exploration should be reduced.

Author Biographies

Sunday Abayomi Adebisi, University of Lagos, Akoka, Yaba, Lagos

Department of Business Administration, Faculty of Management Science,
University of Lagos, Nigeria

Kelechukwu Nodirim Ezebuiro, University of Lagos, Akoka, Yaba, Lagos

Department of Business Administration, Faculty of Management Science,
University of Lagos, Nigeria

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Published

2023-10-23

How to Cite

Adebisi, S. A. . ., & Ezebuiro, K. N. . (2023). Analysis of the Petroleum Industry Act and its impact on the Nigerian Oil and Gas Sector. Gusau International Journal of Management and Social Sciences, 6(3), 293–312. https://doi.org/10.57233/gijmss.v6i3.16