FORCE MAJEURE AND CONTRACTUAL STABILITY IN THE NIGERIAN PETROLEUM INDUSTRY

This paper examines the legal principles and practical implications of force majeure clauses in petroleum contracts and considers their effectiveness in mitigating risks associated with unforeseen circumstances, such as natural disasters, political instability and global market fluctuations. Moreover, Force majeure clauses play a crucial role in mitigating risks associated with unforeseen events beyond the control of the contracting parties. The study also examines the concept of contractual stability in the Nigerian petroleum sector. Consequently, this paper suggests that the clear and precise drafting of these clauses is essential for their effectiveness in practice. The doctrinal methodology shall be adopted