International Oil and Gas Law Coursework Example | Topics and Well Written Essays - 4000 words

International crude and Gas Law - Coursework manikinGerman army endeavoured to take control of fossil oil fields around the world during the Second piece War. In 1941, the German tried to gain control of the Russian oilfield situated in the Volga region and overly later directed its war forces towards the Middle East as abundant deposits of oils was found out in Kuwait and Saudi Arabia. Hence, oil colour has become a strategic commodity for the nations around the world now. Oil is a strategic commodity which is likely to uphold its vital role in the near rising also as it is extensively used in transport, generating electricity, etc. It is estimated that the demand for the petroleum is likely to arise up in the coming years to reach a level in excess of 4 Gt/y1. The development and geographic expedition of Oil & Gas involves both high return and risk. The development of petroleum reserves necessarily the allocation of expertise and massive investments and capital which inv olves high risk. There can be evidentiary return if the exploration and production of petroleum resources turned to be successful. Due to this double-edged sword disposition of petroleum exploration industry, a number of business contracts and arrangements namely fiscal regimes that are never diligent in other industries are being used in O&G industries2. The expertise of major(ip) oil companies around the world has contained the functions like production, refinery, transportation and sales or marketing. The oil exploration needs the adoption of modern contracts, which are footed upon either wholly or partly on corporation arrangement instead of the traditional concession contract system. The main objective of this research essay is to send word Jupitus (J) a developing nation, where there is the absence of both environmental and commercial laws as well as the absence of the adequate international banking system for the purpose of identifying its oil resources and to explore th e same as the oil is available, mainly in a habitat of indigenous people. Further, for advising the Jupitus, the factors like absence of oil industry expertise and absence of established legal or banking systems have been taken into consideration. Further, in Jupitus, there are real few commercial or environmental laws. Jupitus is also a relatively poor country and does not have the resources to develop any of the oil reserves itself and hence, it has to depend upon foreign oil companies (FOC) to explore its petroleum reserves. This research essay will advice Jupitus on three fronts namely the forms of contract to be entered by J with the oil exploring companies , the inherent risks associated with the O&G exploration contracts like environmental ,political and commercial risks and ways and representation to minimise the same and the need to develop an international banking system and to have international investment agreements so as to attract more foreign direct investments in t he field of oil and gas exploration in Jupitus. 2 Answer to Question 1 2.1 Various Types of Arrangements for Development of Oil Reserves in Jupitus Various types of contracts or arrangements for