The oil and gas industry in the contemporary world has seen considerable growth and development. In the past decades, oil exploration in the world has been enhanced, and new national oil producers are emerging attracting attention from international investors…
The oil and gas industry in the contemporary world has seen considerable growth and development. In the past decades, oil exploration in the world has been enhanced, and new national oil producers are emerging attracting attention from international investors.1 The massive oil reserves of Polenskya is a clear example, and the following section highlights the facts on the ground with respect to Polenskya and issues touching the actions to be undertaken by Atlantic Oil Company-as the interested investor. 1.1. Facts about Polenskya Facts about Polenskya include massive unexploited oil reserves in the developing country having a population of 20 million of which, majority are illiterate. In Polenskya, there exists no established banking system thus financial saving and investments in the country calls for massive turn over. Regarding the commercial practices and environmental care, there are no international, commercial or environmental laws to safeguard the integrity and decency of the environment, as well as trade. Further, Polenskya has little national oil industry expertise; thus, international investment is the only option for Polenskya realising its dream of exploiting its oil reserves.. This is through the incorporation of international oil investors to the country to drill the resource at set agreements or concessions. On the political environment, in Polenskya; it is rumoured that President Millapot might resign due to ill health after ten years in power. This gives rise to the probability of a new regime coming in power in the near future with the initial development on the project. Issues concerning the oil reserve land; this is a home to an endangered species attracting tourist throughout the year, as well as an indigenous community growing food crops on the land. With respect to ventures into transportation survey, there exists a small port 100 miles from the area, which is primarily utilised for fishing. 2.0. THE OIL AND GAS INVESTMENT BY ATLANTIC OIL IN POLENSKYA 2.1. Atlantic Oil Company in Context Atlantic oil is a multinational oil company interested in investing in the nation of Polenskya. The venture will have to look into the following factual information. A. Atlantic is considering entering into a Production Sharing Agreement with Polenskya. This report wills advice Atlantic Oil on the advantages and disadvantages of undertaking a Production Sharing Agreement with Polenskya. Further, clauses to be included for this agreement will be discussed to enlighten the company on the impending terms of the contract. B. On the basis of Atlantic Oil not wholly funding any development project in Polenskya, the types and sources of financing available will be analysed. Further, the mode of minimising commercial and political risks will be discussed. On the same note, the project entails having very minimal disruption to the environment. Therefore, critical environmental issues that Polenskya will have to undertake to look critically into this will be of the essence to highlight and ...
Cite this document
(“International Oil & Gas Law Coursework Example | Topics and Well Written Essays - 3250 words”, n.d.)
Retrieved from https://studentshare.net/law/7886-international-oil-gas-law
(International Oil & Gas Law Coursework Example | Topics and Well Written Essays - 3250 Words)
“International Oil & Gas Law Coursework Example | Topics and Well Written Essays - 3250 Words”, n.d. https://studentshare.net/law/7886-international-oil-gas-law.
olicy it is a marine insurance contract and thus it is governed by the Marine Insurance Act 1906.3 As a result, Linda has a “contract of indemnity” which essentially entitles her to expect to have or to acquire an insurable interest the property insured.4 In this regard, an insurable interest is conferred upon any individual with an interest in a marine adventure.5 In turn an individual has an interest in a marine adventure when: .
Its goal is also to establish the legal rules which are applicable to these rights and duties and the legal remedies available to ensure compliance. For this reason, it is therefore important to establish first which the subjects and persons who are to enjoy and lay claim to these rights and duties2.
Introduction Colonel Drake can be said to be the father of the oil & gas industry as it was he who made the first successful drilling at Titusville, Pennsylvania on 27 August 1859. At the end of the First World War, petroleum was declared as necessary for the economy of a nation as blood is to the human body.
The economy of most countries in the world is dependent upon oil and natural gas; this has been greatly evidenced by the effect of global oil and gas prices on the prices of other basic commodities and the cost of living. This vehemently indicates that the global economy is inextricably bound with the global oil and gas market.
The primary objectives of international laws are to maintain harmonious, balanced and economic relationships between the states. International business laws often serve as dispute resolution for international transactions. Different types of laws has been enacted and enforced in order to ensure smooth functioning of international business.
This continual trend towards volatility could have a debilitating impact on the oil consuming countries throughout the world. This situation is further aggravated by the fact that the oil production has remained practically static since 2004 despite a potential increase in demand.
The first air routes were used to service postal services between New York City and Washington D.C. in 1918. The Air Commerce Act of 1926 was enacted to promote and develop commercial flights, as well as draw investors into the industry.
emendous pressures, and the through compaction, microbial action and chemical reaction, water is forced out material, and the carbohydrates, lipids and proteins are broken down to form kerogen which is waxy in nature (White, 2006). Bitumen is also formed in this step. This
Some of these global challenges include terrorism, drug trafficking, arms trafficking and human trafficking. These aforementioned criminal activities are particularly pervasive owing to certain loopholes within international law and governance structures.
The most popular contractual tool for managing risk and profit in oil exploration is the Product Sharing Agreement (PSA). It is the favoured system of the oil corporations (Muttitt, 2005). The agreement splits the profit between
8 Pages(2000 words)Coursework
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Coursework on topic International Oil & Gas Law for FREE!