Critical Considerations For The Implementation Of Domestic Crude Supply Obligations Under The Petroleum Industry Act.

Published date03 April 2024
Law FirmAELEX
AuthorSina Sipasi

Energy security is one of the key concerns of nations around the world. Underpinning this concept are four factors, namely, the availability of energy sources, energy affordability, energy accessibility and energy acceptability. Threats to the energy security of a nation are taken seriously as they may lead to political and economic instability. Countries around the world utilise various approaches to tackle and reduce their energy vulnerabilities. These approaches include the reliance on a mix of energy sources (fossil fuel, renewable energy, nuclear power), implementation of energy conservation measures, the building of strategic reserves for fossil fuel, increased hunt for domestic energy sources, innovations around mass transit and the utilisation of energy treaties.

Countries that are rich in energy resources also face energy security challenges. In Nigeria, energy vulnerability is demonstrated by its mono-product economy, where every economic activity revolves around oil and gas. Thus, energy insecurity in Nigeria has manifested through inadequate and inefficient utilisation of oil and gas to meet domestic energy needs. This has resulted in constant queues at filling stations, inadequate and epileptic power supply, large-scale use of fuelwood with its attendant effect of deforestation and desertification, and the heavy reliance, in rural areas, on traditional sources of energy (human and animal power).

Under the National Energy Policy of 2003, a myriad of solutions and initiatives were proffered to tackle energy security. One such initiative is using the government's power of pre-emption to make petroleum products available and...

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