Oil and Gas
The oil and gas team at Udo Udoma & Belo-Osagie developed its initial experience in oil and gas when we acted as legal advisers in the negotiations leading to the formation of Nigeria LNG Limited, which operates the Nigeria liquefied natural gas project, under the government of the former President of Nigeria, Shehu Shagari. The team continued to develop our experience when our founder , Senator Udoma Udo Udoma, served as a member of the LNG Working Committee, providing legal support to the Committee and reviewing and advising on the legal issues and problems that were likely to be encountered in raising financing for the LNG project. Since this initial LNG experience, the team has advised on various oil and gas investments and represented both multinational and Nigerian oil firms in negotiating oil and gas investment transactions.
We have advised various clients on matters such as the regulatory framework for oil and gas in Nigeria; tile processes and procedures for obtaining authorisations from the Department of Petroleum Resources, the Nigeria Content Development and Monitoring Board and the Nigerian Export Processing Zones, licensing procedures under the bidding rounds; joint ventures, investments, technical service and management relationships with local companies; the tax regime applicable to oil and gas transactions in Nigeria; the viability of certain proposed oil and gas investor financing arrangements under Nigerian law, foreign investment in companies operating within the Marginal Oil Fields Programme and on negotiating, drafting and resolving disputes under petroleum industry contracts. The team also provides advice and dispute resolution representation and support to multinational and indigenous exploration and production companies and oil service companies.
The team assists strategic investors in the emerging natural gas and energy sectors with structuring their investments and formalising their arrangements with local partners within the available legal and regulatory framework.
The team’s regulatory advocacy work has included participating in a team of local and international consultants that advised on a strategy for the development of the downstream gas sector and drafted a downstream Gas Act.
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