The condition of legislative and contractual stability in oil contracts

Authors

  • DR.Faroq Azalden Khalaf

Keywords:

1- The oil contract 2- Oil investment 3- Oil disputes 4- Oil company 5- The oil - producing country .

Abstract

Addressing disputes is one of the main goals of any law, the law follows in one of two ways, either preventing disputes from occurring in the first place, or resolving them after their occurrence, noting the privacy of oil contracts that are characterized by the disparity in the legal positions of the two parties, as one of the parties is a person who enjoy special advantage represented by the host oil state, and the other party is a private person who does not enjoy special benefits it is represented by the oil company, hence the difficulty of reconciling the outlook of the investing oil company and the host oil state, which makes disputes more complicated, so the source of concern is the state's attempt to exploit its influence and power as a protector of public interest to the extent that leads to a breach of the balance between the two parties. The balance of the oil contract is crucial to avoiding disputes, so it is imperative for both parties to the contract to create a state of balance between the objectives of the oil company, which is that the contract remains as it is without prejudice to it from any party, and the requirements of sovereignty and basic development that the state is keen to achieve to maximum possible degree on the one hand. Others, and this is by anticipating the issues over which disputes arise, and by identifying means of preventing them, the most important of which is the requirement of legislative stability and non-change of the contract, in order to ensure the maximum balance between Requests for stability and development, as well as maintaining affair balance between the host country's  authority over its natural resources and the protection of foreign investment.

Downloads

Published

2022-01-27