ANALYSIS OF THE LEGAL AND INSTITUTIONAL FRAMEWORK GOVERNING THE NIGERIA SAO TOME AND PRINCIPE JOINT DEVELOPMENT ZONE (JDZ)

Countries with overlapping maritime boundaries are encouraged under the provisions of the United Nations Convention of the Law of the Sea (UNCLOS) in the spirit of understanding and cooperation make efforts to enter into provisional arrangements of a practical nature to exploit straddling hydrocarbon resources across maritime boundary pending delimitation. This article therefore analyses the legal and institutional framework governing the Nigeria and Sao Tome & Principe Joint Development Zone. The Treaty is the major legal framework governing the activities of the joint development zone, but there are other legislations. However, despite its skewed sharing arrangements, has the coming into force of the treaty enhanced the attainment of the objectives of the creation of the joint development zone? This article will therefore analyze the frame work with a view to highlighting whether the adoption of a joint authority arrangement in the legal framework has impacted positively towards the overall objectives of the establishment of the joint development zone. The paper will make some recommendations noting that the Treaty so far has achieved its objectives as the two State parties have exploited the straddling hydrocarbon resources for the mutual economic benefits while at the same time promoting the spirit of good neighborliness, bilateral cooperation and thus averting maritime border dispute, however, the issue of proper and equitable finding as well decision making process should be reviewed.