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Unitization in the oil and gas industry in Nigeria: Challenges, benefits, and regulatory framework

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  • Gbolahan Solomon Osho

Abstract

Unitization is an essential strategy for Nigeria?s crucial oil and gas sector, aimed at collaboratively managing hydrocarbon reservoirs across various leases. This study delves into its complexities, including challenges like ownership conflicts and technical issues, alongside benefits such as enhanced resource recovery and shared technology. Despite these obstacles, unitization promises improved efficiency and sustainable development by fostering cooperation, reducing waste, and promoting responsible extraction practices. The research highlights the necessity of a robust regulatory framework, clear communication, and stakeholder collaboration for unitization to succeed. It concludes that by embracing unitization, Nigeria can advance its energy industry sustainably, aligning with national objectives and ensuring economic and environmental benefits.

Suggested Citation

  • Gbolahan Solomon Osho, 2024. "Unitization in the oil and gas industry in Nigeria: Challenges, benefits, and regulatory framework," ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, FrancoAngeli Editore, vol. 2024(2), pages 69-86.
    • Handle: RePEc:fan:efeefe:v:html10.3280/efe2024-002004
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    JEL classification:

    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth

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