Abstract
Petroleum as a natural resource is said to hold a prized place in the economy of nations. Exploration of petroleum is ultimately for the common good of man and the society at large. Ownership of petroleum in Nigeria accounts for acquisition for oil rights and exploration of oil in Nigeria. This date back to when the first oil was drilled at Ololbiri and was said to have marked the beginning or emergence of Nigeria as a major player in the global industry. The importance of petroleum resources is in its ability to drive the economy of nations whilst ensuring adequate compensation for the indigenous people as provided for in our statutory laws. Unfortunately, the government has failed in providing adequate mechanism in ensuring payment of fair and adequate compensation. Thus, the failure of on the part of the government in payment of adequate compensation has given rise to resource right agitation, vandalism of oil pipelines and sabotage in the oil producing states of Nigeria. Therefore, the reason that accentuated the urgent need for the examination of Nigeria ownership regime, its implication, including some of the correlative rights of land owners or occupiers.
Keywords: Correlative Rights, Land, Nigeria, Ownership, Oil.