REGULATION OF THE OIL AND GAS INDUSTRY IN NIGERIA, CANADA AND THE UNITED STATES OF AMERICA: A COMPARATIVE ANALYSIS

Abstract

Despite the relevance and role oil and gas exploration, exploitation and production plays in the economy of Nigeria, the activities involved in the process of exploration and mining of the products has not been sustainably done. This ranges from the attitude of the exploration process to the regulation of the activities to achieve the triangular achievement of the economic development, social development, and environmental protection, this paper observed that Oil exploration and prospecting activities as practiced in Nigeria has caused serious damage to the environment which alters the environment irreversibly and renders the environment unsustainable due to poor regulations of improper exploration, production, transportation and storage activities. This paper therefore examined the Oil and Gas industry in some other jurisdictions like the United States of America and Canada in the context of ownership and possession of oil, gas, land and the regulation and enforcement of statutory provisions, amongst others, to show how the oil and gas sector is being regulated to achieve economic and social development while ensuring environmental protection in their Oil and Gas Industry. The United States of America and Canada were chosen because they have a long history of best practice with regards to oil pollution and gas flaring regulations. Using the doctrinal research methodology, this paper examined various Articles. Books, publication amongst other, and further did a comparative study of some of the Laws regulating the Oil and Gas Industry in the United States of America and Canada, and their means and style of regulation with those operational in Nigeria to show how the Laws and concepts in those jurisdictions have been effectively used in attaining economic development while protecting the environment and achieving real and sustainable development, without compromising the socio-economic advantage of the activities while protecting the environment. The appraisal is therefore aimed at achieving an efficient regulatory regime at preserving the environment and at the same time achieve sustainable development in the oil and gas sector of the economy in Nigeria.