Property Rights in Oil and Gas under Domanial Regimes

Omorogbe, Yinka; Oniemola, Peter Kayode

doi:10.1093/acprof:oso/9780199579853.003.0006

Cited by 10 publications

(6 citation statements)

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“…However, unlike in the U.S. and in a few other countries, companies or individuals cannot extract or sell any natural/mineral commodity in most countries without obtaining rights or licenses from the government. Therefore, a comparison based on property rights and ownership cannot yield a general conclusion (Omorogbe and Oniemola [37]). Countries with large reserves score low in terms of property rights.…”

Section: Cross-border Manda: Geographical Patternsmentioning

confidence: 99%

Cross-Border Mergers and Acquisitions in the Oil and Gas Industry: An Overview

Özgür

Wirl

2020

Energies

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This paper surveys cross-border oil and gas mergers and acquisitions (M&A) transactions in recent years using a large sample of 18,179 transactions announced over the period 2000–2018. M&A activities depend on economic fundamentals, but also on sector specifics and this particularly holds true for the oil and gas industry. Therefore, we have added sector specific to the standard economic explanations of mergers and acquisitions by accounting for institutions, resources, and politics. Indeed, our outputs show that industry-specific factors seem much more important in motivating M&A in the oil and gas industry than the familiar and researched economic conditions. In particular, the pattern of cross-border M&A is almost unrelated to opportunities offered by the resource base in different countries while political, institutional, and legal constraints shape the directions of cross-border M&A. The research covers the recent trends in the oil and gas M&A transactions, strengthens the understanding of various dynamics and sheds light on the potential future directions of the M&A market in the oil and gas industry.

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Section: Cross-border Manda: Geographical Patternsmentioning

confidence: 99%

Cross-Border Mergers and Acquisitions in the Oil and Gas Industry: An Overview

Özgür

Wirl

2020

Energies

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“…Consequently, taking of foreign property as the new international legal standard to serve states' national interests is justified. 33 Eventually, we see a definite trend shifting from traditional concepts of individual rights protection toward host state ownership of natural resources. 34 There are two more crucial downside and upside consequences that arise from these resolutions for the oil and gas industry's future development.…”

Section: B the Principle Of Permanent Sovereignty Over Natural Resoumentioning

confidence: 99%

Indonesia’s Upstream Petroleum Governance Reform: Which Model Is Constitutional Enough?

Dwiesta

2018

ILREV

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The Indonesian Constitutional Court abruptly annulled provisions regarding the function of BP Migas as state representative in managing upstream oil and gas operations in Indonesia, declaring it unconstitutional. Apparently, the Court was convinced that exercising absolute state control over hydrocarbon operations would give the utmost benefit to the people. This research argues that in achieving such goals, a state must be able to create strong administrative infrastructure and regulatory regime capable of controlling and supervising hydrocarbon operations in accordance with both national and international oil fields. Using a comparative study method with secondary data collection, this research observes Norway's, Mexico's, Malaysia's, and Russia's experiences as its underlying methodology. It examines the Court's interpretation of "control" and "ownership" over hydrocarbon operations and provides possible solutions for the most effective and suitable institutional design for BP Migas' replacement. Finally, it concludes that to fulfill the constitutional mandate, the government's ability to manage oil and gas sector depends on how much it is willing to consistently: (i) implement good corporate governance among related stakeholders so as to lessen political interference in the decision-making process; and (ii) maintain the balance of ex ante procedures and the post ante monitoring system in the adopted institutional model.

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“…Generally, in many dominial regimes, oil and gas ownership is vested in the state, while the rights of participating entities are limited to the right to use, manage, control or enjoy benefits of oil production (Omorogbe and Oniemola, ). In dominial regimes, there is no private ownership of subsurface oil and gas (Graulau, ).…”

Section: Distinctive Legal Risks In African Oil and Gas Marketsmentioning

confidence: 99%

Legal strategies and tools for mitigating legal risks associated with oil and gas investments in Africa

Olawuyi

2015

OPEC Energy Review

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Africa provides unique opportunities for international oil and gas companies to spearhead oil exploration and production in emerging markets, and to acquire interests in fields with unexplored economic potentials. Despite these investment opportunities, entrants into oil and gas markets in Africa often face legal risks that pose monumental threats to the economic viability of oil and gas investments. These include resource nationalism; lopsided contractual provisions in oil production contracts that confer unfair advantages on national oil companies; arbitrary change in contract terms; delays in operational approvals, complex local content requirements and high corruption potentials, among others. If not properly considered and managed, these risks may reduce the positive economic prospects and gains in a hitherto profitable investment enterprise; they may also frustrate a first time investor. While these legal risks have been perceived as disincentives to oil and gas investments in Africa, this paper takes the view that these risks do not call for surrender, rather they could be efficiently managed at contract negotiation phases.This paper draws examples from key resource-based African countries to provide an overview of the commonly encountered legal risk points in African oil and gas investments. The paper provides suggestions on how to effectively deal with these risks as early as possible through extensive due diligence and diligent contract negotiations. 247

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Property Rights in Oil and Gas under Domanial Regimes

Cited by 10 publications

References 0 publications

Cross-Border Mergers and Acquisitions in the Oil and Gas Industry: An Overview

Cross-Border Mergers and Acquisitions in the Oil and Gas Industry: An Overview

Indonesia’s Upstream Petroleum Governance Reform: Which Model Is Constitutional Enough?

Legal strategies and tools for mitigating legal risks associated with oil and gas investments in Africa

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