Renegotiation Principles and Practices in International Oil and Gas projects

This study focuses on the law and practice with respect to renegotiation of long-term international investment agreements - particularly in the natural resources and energy sector. The study analyses the concept of renegotiation in the context of long-term international commercial contracts - particularly in the upstream petroleum industry. It discusses the reasons governments and companies have for insisting on, and accommodating, renegotiation. It provides a survey of legal issues which are relevant to renegotiation - first, naturally, the question of what law is applicable, second, how the major legal systems deal with the issue of renegotiation (including international law). The survey then concentrates onhow in practice, particularly in the natural resources industry, governments and companies have dealt with the challenge of renegotiation due to changed circumstances and it concludes with a recommendation on how reasonable contract partners should accommodate fundamental changes of circumstance

Renegotiation Principles and Practices in International Oil and Gas projects Keywords:

renegotiation , oil and gas project , energy contracts