Abstract

In part one, this paper provides an updated review of the petroleum upstream activities in exploration, development and production sub-sectors. Due to the importance of exports, brief paragraphs are also added on the expansion and diversification of exports outlets. The complexities, components and intertwinement of the petroleum legal regime are addressed in part two. This part elaborates on three major issues: Petroleum law and relevant provisions; Government take and payment to and privileges of the IOCs. Part three sheds lights on the main features of the new development in the model ...