ABSTRACT
Nowadays, the prices of barrels of crude oil (petroleum) keep
rising and it is common knowledge according to some specialists of petroleum
field that this product would become rare or will disappear in the next 50
years. The oil-producing countries are scrambling to change their laws, to
renegotiate old petroleum contracts signed with political regimes or previous
governments in order to better adapt them to current circumstances, to put in
place policies to strengthen control of oil activities by national and foreign
companies, etc, these are among the reasons why the phenomenon of the
renegotiation of petroleum contracts in contemporary times by the new political
regimes and also by certain big petroleum industries or by oil-producing
countries is on the rise. Certain oil-producing countries want to nationalize
or expropriate some oil companies which operating in the territories of host
states. Local or foreign investors also are jostling for the huge investments
in the search of oil deposits. Investments in oil or in the field of
hydrocarbons are increasing globally. All these facts reflect the panic and
fear associated with the prospect of the end of the age of petroleum. In view
of these kinds of situations, there are many legal problems which are arising
between the host states of investment and foreign oil companies. It is
important to understand the legal problems of state contract and
particularly the petroleum contracts. This thesis, divided into 3
Chapters covering 9 Sections, makes a systematic and thorough discussion of the
problems that are encountered in international investment law within the
framework of the state contracts and particularly the legal problems that arise
in the «state petroleum contracts» signed between
the private foreign oil companies and the host state of petroleum investments.
The first Chapter, describes, analyzes and explains what is exactly the State
contracts and petroleum contracts, in a nutshell, the main content and nature.
In this part, the central analysis will be about state contract definition
because it is different from other kinds of contracts signed between the state
and the foreign companies. We'll analyze the way that a petroleum contract is
formed i.e. their formation and more specially their content and the different
stages of the negotiations of «state petroleum contract» between a
host state and a private foreign oil company. In the second Chapter we'll
examine the special clauses contained in the state contracts and petroleum
contracts. This chapter mainly focuses on certain special clauses that foreign
investors or foreign oil companies can negotiate with the host state and
include these in the state contracts and petroleum contracts. These clauses are
for example the stabilization clause, the arbitration clauses, intangibility
clause etc. in the other words, we'll analyze the content of these clauses and
thus discuss their background, the reasons they are proposed, content and their
nature, and potency. Finally, the third Chapter will deal with the settlement
of dispute, implying the analysis of the applicable law (the kind of law which
will govern the contract and will be applied during the settlement of dispute?
Is it the domestic law of the host state of investment or international law? )
and secondly on the competent courts or arbitration tribunal which must settle
the dispute relating to the violation or the breach of contract between, on the
one hand the host state of investment, subject of international law and owner
of petroleum resources contained into its territory, and on the other hand, the
foreign investors or a private foreign oil company, which is not the subject of
international law. But we think that before examining these problems, we have
to look for the different causes of the violation of the «state petroleum
contract» such the breach of contract,
the change of legislation, the damages caused to the
investment by local messes, the problems caused by the environmental
legislation, problems of political risk, the problems of nationalization and
expropriation. Regarding suggestions on other forms of dispute settlement
within the framework of petroleum contracts, these are discussed in the ninth
chapter of this thesis.
Keywords:
State contract, Petroleum contract, stabilization clause
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Subject:
«A STUDY OF THE LEGAL PROBLEMS OF STATE CONTRACTS:
THE CASE OF PETROLEUM CONTRACTS»
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