This article examined the relevant legal provisions that regulate concession Agreements in the exploitation of Petroleum in the Nigerian Oil Industry. It is important to point out right from the onset that concession agreements from the basis upon which joint venture and memorandum of understanding arrangements are entered into between the Federal Government and Concession holders. In its lucid preparation text books, case law, reported and unreported, internet materials were consulted. The position envisaged that concession agreements are common with countries involved in the upstream activities in the oil industry. Usually, the concession holders are involved in key activities such as exploration, prospecting, and production in commercial quantities of petroleum.