Laws propels moral and ethical stability. In order to forestall sanity in the petroleum sector, Nigeria has enacted several laws including, the Constitution of the Federal Republic of Nigeria 1999 as amended, the Land Use Act, Associated Gas Re-Injection Act, Environmental Impact Assessment Act (EIA), Oil Pipelines Act, Hydrocarbon Oil Refinery Act and Harmful Waste Act. All these laws notwithstanding, the oil and gas sector is undergoing a very turbulent era in our history hence the necessity to review some of the laws regulating it. This crises is somewhat related to the agitation of the communities who suffer serious hardship from the operations of the oil and gas companies. The various attempts to suppress this agitation by the use of force and arms have failed woefully, necessitating a need for an entirely different approach that will ensure a fair and equitable legal framework and practices regulating the industry. The goal of this paper was to assess the values of the laws and regulating the oil and gas undertakings in Nigeria and to suggest the way forward for efficiency.