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Nigeria has been recently taking into consideration a possibility to convert joint ventures into Incorporated Joint Ventures (IJVs), in efforts to resolve the huge funding gaps between the government and the international oil companies. It is a truth that the inadequacy of finances is a big challenge for the realization of full potentials of the Joint Ventures. A source of fund flow can help impact positively the oil sector and the country’s entire economy. The IJV additionally, gets the finance burden off the government’s shoulder and helps foster efficiency.

The essence of this Petroknowledge training is to put the provisions of the Petroleum Industry Bill (PIB) into light and see how it will help in a transition to a successful IJV in Nigeria, turning the National Oil Company into an efficient and a profit driven



  • Law and Policy makers
  • Oil Investors
  • Professionals in the Oil and Gas Industry
  • Joint Venture Accountants and Auditors
  • Government Regulators and Auditors
  • Financial Executives
  • Budgeting Officers
  • Taxation & Reporting Executives
  • JV Executives



  • Learn the Host Government Agreement concept and how it affects oil and gas agreements;
  • learn the working of the industry and the various contractual terms there in;
  • understand the differences between the JV and the IJV;
  • learn the benefits of IJV and how it affects the Oil and Gas Industry; and
  • understand the provisions of the PIB and how it relates to the IJV.


Course Curriculum

MODULE 1 INTRODUCTION TO GOVERNMENT PETROLEUM REGIMES  Essential elements of Petroleum Law  State property in petroleum  Competent authority  Petroleum Operations  Petroleum Agreements  Regulations  Qualifications, duties and rights of contractors  Taxation, duties and exchange control  Environmental protection and safety  Regulations to a Petroleum Law  Competent Authority  Petroleum Licensing  Petroleum Operations  Petroleum Agreements  Fiscal and financial Regimes  Assignment of rights  Land use  Environmental protection
MODULE 2 HOST GOVERNMENTS CONTRACTS  The Host Government Contracts and their key attributes;  Concession and Licenses  Production Sharing Contract  Joint Venture  Incorporated Joint Venture  Service Contracts  Hybrid
MODULE 3 INCORPORATED JOINT VENTURE  Review of existing JVs in Nigeria  Participating Interest  Governance: Governed by the Joint Operating Agreement (JOA) o Participants Interest & Responsibility o Setting Out Operating Procedures  Effects & Benefits of JV  Joint Venture (JV) versus Incorporated Joint Venture (IJV)
MODULE 4 PIB GUIDELINES ON INCORPORATED JOINT VENTURE  The PIB provisions on IJV  Objectives of the PIB  The provisions of the IJV that mitigates against corruption  Case Study of the Operations of IJVs  Petronas (Malaysia) Model  Production Development Oman (PDO) Model  Statoil Hydro Model

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    PETROKNOWLEDGE ENERGY CONSULTING SERVICES (PECS ) is an Energy, Oil and Gas Consulting outfit with a focus in the following but inexhaustive areas of Upstream and Downstream Operations.

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