Oil and Gas
Under the Petroleum Act of 1969 as amended, the entire ownership and control of oil and gas in Nigeria (including under its territorial waters and continental shelf) is vested in the state of Nigeria. The ownership of oil and all minerals in Nigeria is further reinforced under Section 40(3) of the 1979 Constitution of the Federal Republic of Nigeria. Since the discovery of oil in Nigeria in 1956, the government, through its appropriate agencies like Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources and Federal Environmental Protection Agency (FEPA), has put in place a number of policies, agreements and regulations for the control and supervision of the oil industry for the overall economic development of the country. Notable policies and agreements in place include: Joint Ventures, Production Sharing Control (PSC), Service Contract and Memorandum of Understanding (MOU).