COPING WITH COVID-19 IN THE OIL & GAS INDUSTRY: UNAVOIDABLE BREACH OF REGULATORY REQUIREMENTS AND CONTRACTUAL OBLIGATIONS

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BACKGROUND

In the first of our COVID-19 series, we discussed the impact of COVID-19 on the fulfillment of contractual obligations and the ability of contracting parties to plead Force Majeure or the common law doctrine of Frustration for non-performance of contractual obligations.[1] Since then, Nigeria has reported significantly higher cases of confirmed coronavirus infection currently nearing three thousand. The commercial nerve centers of the country have only been recently allowed to resume economic activities tentatively and interstate borders are still closed. Global economic crisis is looming and the oil and gas industry has been hard hit recording unprecedented demand glut. Storage capacities are overwhelmed and oil prices have dropped to the point of turning negative. How is the Nigerian oil and gas industry responding to these issues? READ MORE……..

[1] https://www.topeadebayollp.org/featured/covid-19-pandemic-a-force-majeure-to-reckon-with-in-business-today/

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About the Firm

At Tope Adebayo LLP, we strive to continually improve and cultivate a close understanding of the Nigerian industry, an intimacy with the legal and procedural regimes of the environments in which clients operate and a strong commitment to providing dedicated and comprehensive services to our clients.