An Appraisal of the Ownership Theories of Oil and Gas with Particular Reference to Nigeria and the United States of America (USA)
No Thumbnail Available
Date
2017
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Unimaid Journal of Private and Property Law
Abstract
The ownership of natural resources in Nigeria, with particular reference to oil and gas, has become topical, sensitive, sensational, preponderant and vexatious. This is so because, even when there are other sources for earning national wealth, none provides as much as 80% of foreign earnings. This is why the nation reels from the effect of any hiccup in both local and international oil markets. The clamour for resource control is either caused by the type of ownership of natural resources that a country practices for example, as in Nigeria where the Niger Delta Region feels that the government ownership of natural resources (oil and gas) is a deprivation of their right to the natural resources located in their land and/or the desire to appropriate the revenue realized therefrom. In the world, two main types of natural resource ownership exist. They are private ownership and public ownership. These ownership theories will be examined with a view to ascertaining their suitability and preference. A middle course of natural resource ownership exists in which both the government and/or private individuals own resources pari passu (side by side). This paper looks essentially at the two common types of ownership of oil and gas viz public ownership and private ownership. This is with a view to providing adequate information that will enable unbiased Judgement as to which practice is best suitable for Nigeria to adopt. Nigeria and the United States of America are countries where public an ; private ownerships of oil and gas are obtained/practised respectively.
Description
Keywords
Appraisal, Ownership, Theories, Oil and Gas.
Citation
Hoba-Aninye, O., and Kontagora, A. M (2017). An Appraisal of the Ownership Theories of Oil and Gas with Particular Reference to Nigeria and the United States of America (USA). Unimaid Journal of Private and Property Law, 2 (1). Pp. 218-227.