From its beginning in the early 19th century when oil was first discovered in Nigeria, the petroleum industry has grown to become a key driver of the country's economy. Over many decades, successive Nigerian government administrations have tried to reform the petroleum sector, with limited success. We examine the reasons why and provide policy recommendations to address and resolve systemic issues through short and long-term suggestions. In this report and the accompanying essays we trace the development of oil regimes in Nigeria from discovery until the present day: who and what it was designed to serve. We have also investigated and analysed Nigeria's Petroleum Industry Bill (PIB) from a historical, political, financial and regulatory perspective, assessing onshore vs. offshore aspects.

Outputs

Main report

Acronyms
Introduction
  1. The Petroleum Industry Bill (PIB) and the Petroleum Industry Governance and Institutional Framework (PINGIF) bill
  2. Data Analysis
  3. Legal Investigations and Prosecutions
  4. Interviews with Industry Experts
Bibliography
Appendix A. Semi-Structured Questionnaire
Appendix B. APC Policy Recommendations
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Tracing the development of oil regimes

Introduction
  1. The British Monopoly Era
1914 Colonial Mineral Ordinance
  1. Late Colonial to Post-Independence
1959 Petroleum Profits Tax Act
  1. Biafra and Beyond
The Petroelum Act 1969
  1. Boom and Bust
  2. Deepwater and Reform
Bibliography
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Contract pricing brief - Angola and Nigeria

  • Mandate
  • Background
  • Regulatory Frameworks
  • The Importance of PSCs in Deepwater Pricing
  • How market oil and price futures impacts pricing process
  • Potential for deepwater pricing manipulation
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