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20 Jan

OIL AND GAS 2.6A DISPUTES (INTRODUCTION)

OIL AND GAS DISPUTES.

Conflict is as old as the history of mankind and is therefore natural and unavoidable[1]. The International Court of Justice (ICJ) notes that a dispute is a disagreement on a fact, or a conflict of legal claims or interests between two parties. To dispute means to disagree or argue about something-Microsoft Encarta Dictionary.

Disputes are inevitable in financial endeavours. Due to the intricate nature of the oil and gas industry, various disputes may arise in relation to boundary, contractual obligations, ownership etc. The major concern is how to resolve such disputes in an amicable way and maintain good relationship between the parties.

The most prevailing disputes in the oil and gas industry relates to ownership claims. “Ownership” has been defined by Justice Niki Tobi in Abraham V Olorunfunmi and Ors[2] as the greatest possible right in a thing.

According to Dr. M.A Ayoade; “ownership is mostly not in dispute, where oil reserves are located within the boundaries of a country. However, there are possibilities for dispute where such reserves are located within the un-demarcated… boundaries”[3].

For the purpose of our discussion, we should note that disputes in the oil and gas industry have various dimensions and levels.

CONTINUED FROM LESSON 2.6B

[1] Global Journal of Arts Humanities and Social Sciences Vol.3, No.2, pp.19-36, February 2015 Published by European Centre for Research Training and Development UK (www.eajournals.org)

28 ISSN: 2052-6350(Print), ISSN: 2052-6369(Online)

[2] (1991) 1 NWLR pt. 165.

[3] M.A Ayoade. Sovereign Ownership of Offshore Nigeria Petroleum Resources. The Journal of International Law and Diplomacy Vol 1, No.1. Published by Jurisprudence and International Law Department. Faculty of Law, University of Lagos, Akoka, Lagos. Nigeria.

Isochukwu

Quite eccentric really

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