An Act to provide for the exploration of petroleum from the territorial waters and the continental shelf of Nigeria and to vest the ownership of, and all on-shore and off-shore revenue from petroleum resources derivable therefrom in the Federal Government and for all other matters incidental thereto.

27^th day of November 1969

1. 1. (1)The entire ownership and control of all petroleum in, under or upon any lands to which this section applies shall be vested in the State.

(2) This section applies to all land (including land covered by water) which-

(a) is in Nigeria; or

(b) is under the territorial waters of Nigeria; or

(d) forms part of the Exclusive Economic Zone of Nigeria.

(3) In this section references to "territorial waters" are references to the expression as defined in the Territorial Waters Act.

2. (1)Subject to this Act, the Minister may grant-

(a) a licence, to be known as an oil exploration licence, to explore for petroleum;

(b) a licence, to be known as an oil prospecting licence, to prospect for petroleum; and

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