代写 TAG标签
网站地图
返回首页

英国coursework范文:国际石油和天然气工业

时间:2015-11-08 09:32来源:www.ukassignment.org 作者:留学生作业 点击:

英国coursework范文:国际石油和天然气工业International Oil and Gas Industry
国际石油和天然气行业的商业合同
Commercial Contracts in the International Oil and Gas Industry

摘要:

本文旨在解决长期石油合同订立的国家和跨国石油公司的投资者往往会面临政治风险合同的问题,以及改变环境带来的风险不是当事人的行为,而是时间。按照这样做的话,稳定和重新谈判条款的效率,意味着减轻这些提到的被严格检查的风险。它认为,稳定条款关于他们的有效性和效果,是高度有问题的。通常,它们会与建立了国家主权的国际法的成熟原则发生冲突,这些条款竟然由监管框架变化的影响而被限制,不考虑其他情形的变化而可能对双方的义务产生相当大的影响。 然而,重新谈判条款可以有助于减少变化的影响,不仅是主办国家的法律框架,在控制之外的其他情形中,当事人应该为实现这些条款,而提供适当和明确的机制和标准。

1、介绍

人们普遍认识到,监管任何给定的稳定状态是促进和鼓励投资的一个重要元素,吸引和安全尤其是潜在外国投资者的信心。[1]这是能源项目,投资者在整个项目的生命中,很容易受到各种各样的风险,考虑到这些项目长时间及资本密集型的特点。此外,在石油合同的变化的情况下,这可能超出了他们的控制,比如在国际能源市场价格波动,可以安排合同,使曾经几年后盈利变得相当不受欢迎。

ABSTRACT:

This paper aims to address the issues associated with long term petroleum contracts concluded between the state and international oil companies in terms of the political risks investors tend to face in such contracts as well as the risk of change of circumstances brought about not by the act of the parties but rather by the time. In doing so, the efficiency of both stabilization and renegotiation clauses, as means of mitigating these mentioned risks, are critically examined. It argues that stabilization clauses are highly problematic with regard to their validity and effect as they would normally conflict with the very well established principle of international law of state sovereignty, also these clauses are limited only to the change of regulatory framework and does not take into consideration the effect of change of other circumstances which may have a considerable impact on the parties' obligations. Whereas, renegotiation clauses can be useful to reduce the impact of changes not only the legal framework of the host state but also other circumstances which are beyond the control of the parties should proper and clear mechanisms and criteria for implementing these clauses be provided for within the clause.


1.介绍——1. INTRODUCTION

It is widely recognized that regulatory stability of any given state is an essential element of promoting and encouraging investment in general and to attract and secure the confidence of potential foreign investors in particular.[1] This is certainly the case for energy projects where investors are vulnerable to wide variety of risks throughout the project's life, given the long duration and the capital intensive characters of these projects. In addition, the vurnablity of petroleum contracts to the change of circumstances, which may be beyond their control such as price fluctuation in the international energy market, can make the contractual arrangement that was once profitable becoming highly undesirable a few years later.[2] Not to mention the very fact that one of the parties of these contracts is state or its agency may well raise the investors concerns that the contractual arrangements once have been secured at the time of negotiating can be disregarded by unilateral state's act later.

Therefore, it has been the tendency of oil and gas investors to seek protection against these risks by providing for legal mechanism in the contract in order to mitigate their impact throughout the project period. These legal mechanisms tend to be in the form of stability guarantees offered by the state, either stabilization clauses or renegotiation clauses, as well as providing for arbitration to be the manner of dispute resolution. However, while the latter has become a stable and widely recognized clause aiming to ensure the netiaulty and fairness of resolving disputes arising between the states and IOCs, the former has generated much concern over their legal validity and effect, simply because of the fact that the main objective of these clauses is to fetter the state's right to legislate and regulate for reasonably long period of time.

It is the aim of the second chapter to critically analyze the different views given to stabilization clauses in scholars' writing and the relevant arbitration awards in terms of their legal validity under both national and international law and the extent to which these clauses can prevent the state from exercising its sovereign power within its territory. Arguing that the sharp divide among scholars and arbitrators in this regard proves the insufficient and uncertain nature of these clauses, which in turns makes the capability of these clauses to provide absolute protection to oil and gas investor questionable.

Chapter three goes on to further affirm the conclusion reached in the second chapter through using the example of the Russian petroleum experiment, where the existence of stabilization clauses led to decreasing cooperation between the state and the industry and resulted in disrupting the parties' relationship as the petroleum activities went on, given the fact that the Russian Petroleum Law concerned only encouraging the exploration activities while lifting many essential aspects unregulated with the view that if the oil was to be found, new legislation would be enacted. It is from this chapter where this paper comes to the conclusion that not only does stabilization clauses conflict with the principle of state sovereignty and may well be held invalid as a result, but also these clauses have appeared to be inconsistent with the parties needs to flexible mechanism in order to mitigate the risk of changes of circumstances brought about by time rather than parties acts.

Finally, chapter four aims to advocate the recent trend of inserting renegotiation clauses into oil and gas contracts as the proper manner to mitigate not only the political risk of state behavior but also other commercial risks associated with petroleum projects, which in the latter case even the host state can enjoy the protection offered by this device. On the other hand, this chapter also recognizes the fact that renegotiation clause may be too flexible, and thus run the risk of the contract being open-ending. Therefore, this chapter argues that the success of this clause depends, to very large extent, on the specific drafting agreed by the parties and whether a clear mechanism and guidance have been provided to address potential disputes.

Thus, this paper argues that the state's right to legislate and to regulate should not be subject to negotiation, nor to be used as an incentive for the purpose of attracting investment as such commitment is difficult to be fulfilled in the long term. Furthermore, stabilization clauses have proved to be inefficient and difficult to predict as well as inconsistent with the parties needs in such a long term contract. Whereas, renegotiation clauses can achieve the parties' aims and objectives of sustaining the agreed contractual arrangements and encouraging cooperation needed in long term contracts through flexible legal mechanisms.


2.参考书目——2. BIBLIOGRAPHY

主要来源——1Primary Sources

司法判决——Judicial decisions

PreussenElektra case (PreussenElektra AG vs Schleswag AG) ECJ C-379/98, European Court reports 2001, I-02099

Stardust Marine case (French Republic v Commission of the European Communities) ECJ C-482/99, European Court reports 2002, I-04397

欧盟二级立法——1.2 European Union secondary legislation

Regulation (EC) No 1228/2003 of the European Parliament and of the Council of 26 June 2003 on conditions for access to the network for cross-border exchanges in electricity, OJ L176/37, 15.07.2003


Secondary Sources

2.1Books

Cameron P. D., Legal Aspects of EU Energy Markets, (Oxford: Oxford University Press, 2005).

Helm D., Energy, the State, and the Market: British Energy Policy since 1979 (Oxford: Oxford University Press, 2003).

Hunt S., Making Competition Work in Electricity (New York: John Wiley & Sons, Inc. 2002).


2.2 Articles

Meier, G.M., Impact of the power-market liberalization on the operation of CHP-plants - securing the competitiveness on the district heat market, 29(4) Euroheat and Power/Fernwarme International (2000).

Klinge Jacobsen, H., Fristrup, P. and Munksgaard, J., Integrated energy markets and varying degrees of liberalisation: Price links, bundled sales and CHP production exemplified by Northern European experiences, 34(18) Energy Policy 3527-3537 (2006).


2.3 Other
2.3.1 Internet sources

European Association for the Promotion of Cogeneration (GOGEN Europe), Financial and Regulatory Support for Cogeneration in EU (2007) (last visited on 31 November 2008)

Lowe, Ph., Applying EU Competition Law to the new liberalized energy markets, (13 May 2003) (last visited on 1 December 2008)

[1] L. Cotula, “Reconciling Regulatory Stability and Evolution of Environmental Standards in Investment Contracts: Towards a Rethink of Stabilization Clauses”, Journal of World Energy Law and Business, vol. 1 (2008), p164

[2] P. Thomas, “Evaluating Stabilisation Clause in Venezuela's Strategic Association Agreement for Heavy-Crude Extraction in the Orinoco Belt: The Return of a Forgotten Contractual Risk Reduction Mechanism for the Petroleum Industry” p.1



推荐内容
  • 英国作业
  • 美国作业
  • 加拿大作业
  • 英国essay
  • 澳洲essay
  • 美国essay
  • 加拿大essay
  • MBA Essay
  • Essay格式范文
  • 澳洲代写assignment
  • 代写英国assignment
  • Assignment格式
  • 如何写assignment
  • case study
  • literature review
  • Research Proposal
  • Summary范文
  • Reference格式
  • presentation
  • report格式
  • PEST分析法
  • Admission Essay
  • Personal Statement
  • Motivation Letter
  • Application Letter
  • recommendation letter