Online published on 3 August, 2013.
This article reviews the factors which influenced the transition from the concession to new forms of petroleum development contracts in Nigeria. It states that attempts to restructure the pre-existing contractual arrangements have been mostly futile so far. Although, the intentions are good, the realities are hard. The article therefore highlights the need to look beyond forms and symbols into the substance of existing exploration contracts. Only then will such development contracts lead to improved results for the country as well as the implementation of the mantra of indigenous ownership and control of mineral resources. With the benefit of hindsight, suggestions are proffered for improved outcomes.
