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Title: Investment protection under international petroleum agreements : an analysis of the pertinent arbitral jurisprudence
Author: Alqurashi, Zeyad A.
Awarding Body: University of Dundee
Current Institution: University of Dundee
Date of Award: 2004
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The exploration and development of oil and gas in developing countries have often been conducted by international oil companies rather than the countries themselves. International petroleum companies and host governments and/or governmental agencies conclude agreements for this purpose. Such agreements have over time retained certain fundamental characteristics. They involve large, complex and risky investments. They involve a relationship between a host government and/or governmental agency and a foreign private company. In addition, due to the strategic importance of petroleum to both consumers and producers, such agreements have always been politically charged. These characteristics help to understand why international petroleum agreements have almost always provided for arbitration as a method for the settlement of disputes. Over the past thirty years, an increasing number of international arbitral awards relating to the petroleum industry have been published. This jurisprudence provides the source material from which customary law may be drawn. The issues raised and decided in this jurisprudence are many and diverse. They are both procedural and substantive law issues. This research addresses specific substantive law issues pertaining to investment protection and examines how this jurisprudence has dealt with them. The study identifies and categorises the issues with each issue discussed on a case-by-case basis. It provides an analysis of the cases by examining the contentions of the parties and the tribunals' awards in order to provide an exposition of the issues discussed along with the factual context of each issue in which it was raised and decided. In addition, the work provides an understanding of the notions and rationale underlying the legal practices reflected in the arbitral jurisprudence. The thesis is divided into seven chapters and each chapter deals with a separate issue. Chapter one is the introduction. Chapter two provides an examination of the evolution of international petroleum agreements followed by a brief discussion of the major petroleum arrangements in existence today.. The legal nature of international petroleum agreements is also examined in this chapter. Chapter three and chapter four examine the question of direct and indirect expropriation. They discuss this ultimate host state control mechanism and its legitimate-as distinguished from its illegitimate-exercise. In chapter three the legal requirements for a lawful taking and the response of the petroleum arbitral practice to the areas of conflict arising out of the limitations on the state's right to take foreign property are examined. Chapter four addresses the question of what kind of interference short of outright expropriation constitutes expropriation. The chapter studies how this question has been addressed by the international arbitral practice relating to the petroleum industry. Chapter five addresses the question of the validity and efficacy of stabilisation clauses. It also examines to what extent such clauses can ensure that the contract will not be altered by a state legislative or regulatory action and the response of the petroleum arbitral practice to the question of stabilisation clauses. Chapter six discusses the issue of the renegotiation of international petroleum agreements when the contractual equilibrium changes due to unforeseen circumstances. It examines among other things the contribution of the petroleum arbitral practice to the concept of renegotiation. Chapter seven is the conclusion.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available