EXAMINATION OF ALTERNATIVE DISPUTE RESOLUTION MECHANISMS IN THE SETTLEMENT OF INTERNATIONAL TRADE DISPUTES IN THE OIL AND GAS SECTOR IN NIGERIA

Abstract

Dispute is not peculiar to the oil and gas industry whose operators comprise of humans. The oil and gas industry possess various unique features, distinguishing it from every other industry. It has a complex mix of industry segments which includes upstream, midstream, downstream and services. As well as phased project activities like exploration, construction, production and decommissioning. In Nigeria disputes arise from various international contractual obligations. Investor’s rights are threatened where the dispensation of justice is plagued with uncertainties which include delay, lack of expertise, cumbersome rigorous procedures, inefficient dispute resolution institutions and all the challenges associated with litigation. Most oil and gas contracts are international in nature; alternative disputes resolution (ADR) fits in as the best mode to addressing any contractual dispute that may arise because it gives the disputants the opportunity to participate in the settlement process voluntarily. This study adopted the doctrinal research methodology, which examined both primary and secondary sources. Primary sources such as statutes, cases conventions were utilized in the course of writing this dissertation. Also, secondary sources like text books, journals and articles and internet materials were critically analysed. The work recommended the need to train and/or espouse judges and legal practitioners for settlement of International trade disputes in the oil and gas sector.