Published 19 July 2017
Over the years, Nigeria, like many other countries, has struggled with the challenge of adopting a contract which serves both its own interest and that of International Oil Companies (IOCs). While Nigeria has been successful in adopting certain contracts that allow it to develop its oil and gas reserves and ensure that IOCs gain return on their investments, it has been unable to attain revenue maximization. This is partially due to poorly drafted fiscal and environmental clauses within the contracts. This paper analyses the types of oil and gas contracts adopted in Nigeria alongside their provisions and implications, and discusses what changes may be made to these contracts to ensure that a fair balance between the interests of both parties is provided. It continues to examine the reasons for the imbalance in the contracts, and highlights possible recommendations to be considered for ensuring that the interest of one party is not served at the expense of another in the contracts.