The nature of Iranian petroleum contracts in upstream section

Petroleum contracts are an important and sensitive issue in Iranian petroleum industry. Monitoring on petroleum contracts especially in upstream section is too important due to length of term and high financial volume. After Islamic revolution in Iran, a challenging discussion between the Parliament and Government was the supervision and approval of petroleum contracts by Parliament. Article 77 of Iranian Constitutional Law permits the Parliament to monitor on international agreements directly. Therefore, determining the nature of petroleum contracts would highly impact on this kind of supervision by the Parliament. However, Parliament can monitor on these contract properly by using its authorities mentioned in the Constitutional Law and by codification or modifying relevant laws including the Law to Modify Petroleum Law

Globalization Impact on the States Sovereignty and the Development of International law On Petroleum Contracts

We are seeing a major improvement in political, economic and legal arena concepts that this shift in attitude is an element developer in global trade. One of the achievements of this development is the emergence of new sovereignty states. We can examine this results: 1- Correction in international petroleum law, 2- standards governing petroleum contracts, 3- transnational law. Analysis shows, international development law and sustainable development and also its impact on petroleum contracts. Based on this hypothesis, these rules do not require the agreement with the parties in contracts between investors and host governments as standard contractual terms. Keywords: Globalization, Petroleum contracts, States Sovereignty, Environmental rights

Petroleum Contracts in Iran

In an oil industry, the oil counter purchase in which a foreign investor makes a pledge to finish all or part of a project in identifying, exploration and exploitation of the field or specific fields by providing goods or raw materials and guarantee the return of the capital by providing machinery and services equipment and intellectual property rights. Buy-back contract has a name which the main reason behind its formation is available in the basic law. Of course, government’s ownership and its sovereignty toward oil and gas resources which keeps the interests of the country should be included in all contracts. Iran has the second place after Saudi Arabia among countries which are having oil resources and these oil resources have made other countries to understand the importance of Iran

Petroleum Contracts in Iran

In an oil industry, the oil counter purchase in which a foreign investor makes a pledge to finish all or part of a project in identifying, exploration and exploitation of the field or specific fields by providing goods or raw materials and guarantee the return of the capital by providing machinery and services equipment and intellectual property rights. Buy-back contract has a name which the main reason behind its formation is available in the basic law. Of course, government’s ownership and its sovereignty toward oil and gas resources which keeps the interests of the country should be included in all contracts. Iran has the second place after Saudi Arabia among countries which are having oil resources and these oil resources have made other countries to understand the importance of Iran

Petroleum Contracts in Iran

In an oil industry, the oil counter purchase in which a foreign investor makes a pledge to finish all or part of a project in identifying, exploration and exploitation of the field or specific fields by providing goods or raw materials and guarantee the return of the capital by providing machinery and services equipment and intellectual property rights. Buy-back contract has a name which the main reason behind its formation is available in the basic law. Of course, government’s ownership and its sovereignty toward oil and gas resources which keeps the interests of the country should be included in all contracts. Iran has the second place after Saudi Arabia among countries which are having oil resources and these oil resources have made other countries to understand the importance of Iran

Petroleum Exploration and Production Contracts as Regulatory Tools: The Kurdistan Region Production Sharing Contracts

The operating activities of the petroleum sector require large amounts of money and high levels of experience and technology that cannot be provided exclusively by most oil-producing countries or their public companies. Therefore, concluding a petroleum exploration and production contract is necessary to address the rights and obligations of the host State and international oil companies; while, various types of petroleum contracts have been developed to address those rights and obligations. In the Kurdistan Region, as an oil-producing region, oil and gas resources are being explored and produced by international oil companies, under production sharing contracts. This study attempts to appraise traditional and modern types of petroleum exploration and production contracts in detail, to examine the fundamental differences and similarities between them; and also to analyse the Kurdistan Region’s production sharing contracts. This research has clarified that the traditional contracts of different types of petroleum contracts are quite different, however, the modern contracts have many provisions in common. Therefore, currently, the choice of contract type might be less important than the content of particular contractual provisions. Finally, the research has clarified that the Kurdistan Region’s production sharing contracts comprise several positive provisions that have attracted a wide range of international oil companies to invest in the Kurdistan Region. Keywords: The Kurdistan Region of Iraq, The Kurdistan Regional Government, Production Sharing Contract, Concession Contract, Service Contract, Joint Venture Contract, International Oil Company, Traditional and Modern Petroleum Contracts. DOI: 10.7176/JLPG/101-17 Publication date:September 30th 202

ResourceContracts.org – A Searchable Repository for Publicly Available Mining and Petroleum Contracts

ResourceContracts.org is an online, searchable and user-friendly repository of publicly available mining and petroleum contracts from around the world. It currently includes over 1,000 from 72 countries. In addition to PDF scans of each executed contract, the site includes: the full text of contracts in searchable format; plain language summaries of each contract’s key social, environmental, human rights, fiscal, and operational terms; and tools for searching and comparing contracts. Users can search contracts by country, natural resource, year, by type of contract, company, corporate group, or by annotation category

Bolivia: Corruption and errors in Petroleum contracts hinders nationalization of natural gas

Bolivian President Evo Morales has reacted angrily to revelations that there was corruption among members of his Movimiento al Socialismo (MAS) in the setup of contracts to extract the country\u27s large natural-gas reserves. Legislators from the conservative opposition party Poder Democratico y Social (Podemos) have been raising significant criticisms regarding errors in natural-gas contracts arranged by the Morales administration. The controversy, which has bogged down the nationalization of Bolivia\u27s natural-gas resources, led to the firing of the head of the state petroleum company

The Possibility Of Applying The New York Convention To Recognise And Enforce The Foreign Arbitration Awards In Petroleum Disputes In Iraq

Objective: This study seeks to analyse how the New York Convention for the Recognition and Enforcement of Foreign Arbitration Awards can be applied to the recognition and enforcement of foreign arbitration awards in petroleum disputes in Iraq. Theoretical framework: Iraq acceded to the New York Convention in 2021. Iraq placed the commercial reservation, meaning that the Convention applies only to differences considered commercial under Iraqi laws. There is a great jurisprudential difference in determining the legal nature of petroleum contracts in Iraq. Thus, the Convention may not apply to these differences resulting from the petroleum contracts in Iraq. So, several studies from the literature have been used as a theoretical basis for this research. Method: This study is based on the doctrinal legal research methodology. Both primary and secondary data are used. Results and conclusion: The results indicate no specific rule in determining the nature of petroleum contracts. It is concluded that the Convention may not be applied to enforcing international arbitration awards in petroleum disputes in Iraq. Thus, it is necessary to reconsider the commercial reservation set by Iraq. Research implications: This study will help international oil companies know the extent of applying the New York Convention to the enforcement of international arbitration awards in Iraq. Originality/value: Improving the legal system for enforcing arbitration awards will create a friendly environment for arbitration in Iraq, which will help attract investment in the oil field

The story of the UK oil and gas taxation policy: history and trends

Different oil producing countries adopt different types of oil and gas agreements to regulate their relationships with international oil and gas companies. These countries tailor petroleum fiscal regimes to fit their own desires. However, in some cases a host country may amend its petroleum fiscal regime due to changes in the internal and/or international economic and/or political environment or due to changes in the host government’s energy policy. The story of the UK petroleum concession and fiscal regime may be unique; this is due to the employment of a unique concession type of agreement which no longer includes a royalty charge as a key element of its fiscal regime. The UK concession model is described as accommodating private interest under public control. This paper details the UK petroleum fiscal regime in its historical context. The aim is to illustrate the development of the UK oil and gas taxation system on one hand and to highlight the many trends that developed in this fiscal regime over time. Our approach will be based on detailing the many changes to the UK petroleum tax regime and on calculating the resulting marginal petroleum tax rate as a consequence of any petroleum tax reform