There exists rights, powers and restrictions on the holders of the petroleum licences in the Nigerian Petroleum Industry, but these rights and powers are whittled down by the provisions of the Petroleum Act and other relevant legislations. The constitution vests the ownership of mineral resources to the Federal Government and by the Land Use Act, all lands are vested in the State Government.
The rights and powers of the holders of the licences/leases can be revoked but must be done in accordance with the provisions of the Petroleum Act. Any contravention would occasion damages in breach of contract.
Johnson Chiemerie, E. (2019). THE REASSESSMENT OF THE LEGAL INCIDENCE OF POWERS, RIGHTS AND RESTRICTIONS OF HOLDERS OF LICENCES/LEASES IN THE PETROLEUM SECTOR IN NIGERIA. Afribary. Retrieved from https://afribary.com/works/the-reassessment-of-the-legal-incidence-of-powers-rights-and-restrictions-of-holders-of-licences-leases-in-the-petroleum-sector-in-nigeria-by-johnson-c-ezeokoye-esq-sept-2019
Johnson Chiemerie, Ezeokoye "THE REASSESSMENT OF THE LEGAL INCIDENCE OF POWERS, RIGHTS AND RESTRICTIONS OF HOLDERS OF LICENCES/LEASES IN THE PETROLEUM SECTOR IN NIGERIA" Afribary. Afribary, 08 Sep. 2019, https://afribary.com/works/the-reassessment-of-the-legal-incidence-of-powers-rights-and-restrictions-of-holders-of-licences-leases-in-the-petroleum-sector-in-nigeria-by-johnson-c-ezeokoye-esq-sept-2019. Accessed 05 May. 2024.
Johnson Chiemerie, Ezeokoye . "THE REASSESSMENT OF THE LEGAL INCIDENCE OF POWERS, RIGHTS AND RESTRICTIONS OF HOLDERS OF LICENCES/LEASES IN THE PETROLEUM SECTOR IN NIGERIA". Afribary, Afribary, 08 Sep. 2019. Web. 05 May. 2024. < https://afribary.com/works/the-reassessment-of-the-legal-incidence-of-powers-rights-and-restrictions-of-holders-of-licences-leases-in-the-petroleum-sector-in-nigeria-by-johnson-c-ezeokoye-esq-sept-2019 >.
Johnson Chiemerie, Ezeokoye . "THE REASSESSMENT OF THE LEGAL INCIDENCE OF POWERS, RIGHTS AND RESTRICTIONS OF HOLDERS OF LICENCES/LEASES IN THE PETROLEUM SECTOR IN NIGERIA" Afribary (2019). Accessed May 05, 2024. https://afribary.com/works/the-reassessment-of-the-legal-incidence-of-powers-rights-and-restrictions-of-holders-of-licences-leases-in-the-petroleum-sector-in-nigeria-by-johnson-c-ezeokoye-esq-sept-2019