ENERGY, OIL & GAS

The Energy departments of Obasa & Co. render services to a number of Multinational companies engaged in the prospecting and marketing of oil and the exploration and the exploration and production of gas and its allied products.

The firm serves the legal and related needs of a number of a numbers of oil service companies who in turn render various professional services to the oil industry.

The services offered by the Energy, Oil & gas Department of the firm include:

• The establishment of companies in Nigeria for the purpose of prospecting, refining and marketing of petroleum products and the procurement of all pre-investment approvals and permits required for the operation of the said company.
• The advice and participation in the negotiation of concession agreements with the Nigerian government parastatal vested with the regulated of petroleum issues.
• Inter-oil companies transaction including farm-outs.
• The consideration and advice on relevant government authorities.
• Rendering of advice on all aspects of petroleum matters especially petroleum profits tax and other forms of taxation that affect operations in the energy sector.
• The establishment of joint ventures for oil service companies.
The firm also engages in the structuring of financing arrangements for oil and gas activities.

The Law

The legislation principally governing petroleum and allied matters in Nigeria is the Petroleum Act of 1990, the Petroleum Control act of 1990 and the Petroleum drilling and production regulations made pursuant to the Act.

The petroleum profits Tax Act of 1990 is the principal legislation on tax accrued on petroleum profits. This legislation is supplemented by the provisions of the memorandum of understanding between the oil companies and the Federal Government of Nigeria.