CLICK HERE ON HOW TO MAKE PAYMENT FOR THE PROJECT MATERIAL


FORMAT =   :  PAGES =   :  PRICE = ₦  :  CHAPTERS =

CRITICAL APPRAISAL OF OWNERSHIP AND CONTROL OF MINERAL RESOURCES IN NIGERIA

CHAPTER ONE

GENERAL INTRODUCTION

1.1.  Background to the Study

Mineral Resources which comprise of oil and gas, a whole lot of which Nigeria is blessed with is one of the most important sources of energy in the world today. World energy statistics indicate that it presently accounts for about 53% of world energy supply[1] . In Nigeria, the oil sector has continued to remain the mainstay of the national economy. Presently, it accounts for about 90% of Nigeria’s total export earnings and over 70% of Federal Government revenue3. Oil and gas are treated as two separate but overlapping mineral concepts. In actual fact the Nigerian law tends to deal with “Petroleum” as an embodiment of both “oil and gas”, and to try and legislate thus, the evidence of this may be seen in the definition of petroleum that may be found, upon curious enquiry of some of our statue books and in case laws which state that “petroleum can be defined as mineral oil or any related hydrocarbon or natural gas as it exists in its natural state. It also defines natural gas as gas obtained from boreholes and wells and consisting primarily of hydrocarbons”[2] .So within the definitions of petroleum and gas, the law recognizes the overlap between the two mineral resources.

Furthermore, the origin of oil and gas industry is often traced to the discovery of rock oil in the 1850s and the first oil well striking petroleum in 1859 in Titusville, Pennsylvania, United States of America[3] . From this humble beginning came the multi trillion dollar oil industry and the development of the framework for the commercial exploration and exploitation of the fuel that will power the great technology advances of the late 19th, 20th and 21st centuries.

However, in Nigeria, the first commercial discovery of oil was in June, 1956, by the then Shell

D’Archy Petroleum Development Company in Oloibiri, in present day Bayelsa State[4] . Within our current regime which was established under the Petroleum Act 1969[5] .


CLICK HERE ON HOW TO MAKE PAYMENT FOR THE PROJECT MATERIAL


Leave a Comment

Scroll to Top