THE ROLE OF THE PRINCIPLES OF PUBLIC PARTICIPATION IN PETROLEUM DEVELOPMENT CONTRACTS IN DEVELOPING COUNTRIES

Abstract

At the early stage of petroleum discovery in the developing countries, International Oil Companies (IOCs) played a dominant role of control, management and even ownership of the petroleum produced. As such, the host countries played nominal or no role at all in terms of participation in the search and production of petroleum. However, with the passage of time and with the growing of the activities of International Organization aimed at encouraging state participation and control of its natural resources. The awareness and consciences of the host country was aroused to participate actively in petroleum operations in its domain. This paper seeks to discuss critically the role of the principle of public participation in petroleum development contracts in developing countries. And by extension will recommend away forward.