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I. INTR()I�UI'.TI(>N On 10 Octobcr 2002, the International Court ofJustice (Icj) delivered judgment on the lingering Cameroon v. Niqeria dispute.1 Cameroon conunenced this action before the Icj in 1994, challenging the maritime boundaries in the areas surrounding the Bakassi feninsula and its adjoining waters within the Gulf of Guinea.= Subsequently, Cameroon cnlarged the scope of its application to include delimitation of the largely non-contentious land territory and Lake Chad in the northern sector of the boundary. Central to the dispute were the far-reaching implications for Nigeria and Cameroonian oil exploration and production and the ownership of the Bakassi Yeninsula, a 1,OOU-square-kilometre (600-square-mile) area believed to contain significant reserves of oil.' Nigeria is one of the world's largest oil exporters, with an economy heavily dependent on oil, which accounts for up to 80 percent of government revenues.4 Cameroon is also a significant oil producer, currently ranked the fifth largest producer in sub-Saharan Africa.5 Cameroon is, howcver, facing declining crude oil production. The confirmation of the right of one of these countries to sovereignty over the Bakassi Peninsula would enable it to permit the necessary exploration for oil in the area. Further, the delirnitation of the maritime boundary of the
Journal of World Investment and Trade – Brill
Published: Jan 1, 2003
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