Navigating the Multiple Dispute Settlement Mechanisms in Nigeria's Oil Sector
Article from: OGEL 4 (2007), in Africa
Mechanisms for dispute settlement in the oil sector
The typical structure of the oil industry in a developing country results in a manifold, multilayered dispute settlement mechanism that may potentially strain the process. Since the resource belongs to the sovereign state, engaging in its production can only be with its permission, evidenced in the form of a license, lease, concession, or through other petroleum development contracts in favour of the investor. Agreements of this nature are referred to as state contracts involving a sovereign state (or its agency), and an investor from another country. For such a state, this ...