Laws Governing Mineral Oils in Nigeria

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Questions and Answers

Under Islamic law, what category does oil fall into?

  • Private property
  • State property
  • Communal property (correct)
  • Corporate property

What principle of Islamic economics emphasizes redistributive fairness?

  • Prohibition of waste
  • Respect for private property ownership
  • Concern for conserving resources
  • Institutional aid in income transfer system (correct)

Which entity came into being in 1914 according to the text?

  • Bait al-Mal
  • Nigeria (correct)
  • Caliphate
  • British crown ownership

What were some pre-1914 legislation on petroleum mentioned in the text?

<p>1888 mineral ordinance, 1889 petroleum ordinance (A)</p> Signup and view all the answers

What principle of Islamic economics is based on the concern for conserving scarce resources?

<p>Prohibition of waste (C)</p> Signup and view all the answers

Where should all revenues gained from oil sales be kept under Islamic law?

<p>Bait al-Mal (C)</p> Signup and view all the answers

What is a key characteristic of the Texas theory regarding oil and gas ownership?

<p>It allows unlimited extraction of oil and gas from one's land. (B)</p> Signup and view all the answers

Which theory challenges the notion that petroleum can be owned because it is a fugacious substance?

<p>Non-Ownership Theory (A)</p> Signup and view all the answers

Which theory grants the right to produce all the oil and gas that can flow out of a well on one's land?

<p>Texas Theory (B)</p> Signup and view all the answers

What happens to an owner's title if petroleum from their land flows into another's land according to the text?

<p>The owner's title becomes extinguishable. (D)</p> Signup and view all the answers

Critics of which theory argue that petroleum is a fugacious substance that moves beneath the earth's surface?

<p>Ownership in Place Theory (A)</p> Signup and view all the answers

Which theory emphasizes that no one can own petroleum unless it is extracted, produced, captured, and controlled?

<p>Non-Ownership Theory (B)</p> Signup and view all the answers

What is a key similarity between the qualified and absolute theories regarding petroleum ownership?

<p>They both limit the amount of oil and gas that can be extracted. (D)</p> Signup and view all the answers

In which scenario does an owner's title become extinguishable, according to the text?

<p>If oil from their land flows into another's land (A)</p> Signup and view all the answers

Which theory confers property rights to produce all oil and gas that flows out of a well on one's land?

<p>Texas Theory (C)</p> Signup and view all the answers

What is limited by 'the physical possibility of the adjoining landowner’s diminishing the oil and gas under one’s land by the exercise of the same right of capture'?

<p>The right to extract oil and gas (C)</p> Signup and view all the answers

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