THE EMERGENT LEGAL REGIME FOR EXPLORATION OF HYDROCARBONS IN THE GULF OF GUINEA: IMPERATIVE CONSIDERATIONS FOR PARTICIPATING STATES AND MULTINATIONALS

摘要

This paper outlines recent developments in regional cooperation within the Gulf of Guinea region leading to the recent establishment of the Gulf of Guinea Commission. The huge interest generated among the major oil-producing multinational corporations, the newer independent producers and the participating States in the Gulf of Guinea necessitates a critical assessment of the Treaty Establishing the Gulf of Guinea Commission. This paper adopts a comparative analysis with pre-existing regional and institutional bodies having similar aims and objectives. The aim is to ascertain whether and to what extent the emergent regime can facilitate a sustainable and responsive regime for the anticipated explosion of exploitative activities in this resource-rich and strategic littoral zone. This paper, thus, places the existing regime in the context of international best practices for multinationals and governments involved in oil and gas exploration and production. The author identifies certain imperatives for the consideration of both the corporate and sovereign interests in the world's newest resource Eldorado.