Abstract and Keywords
This chapter investigates the main sources governing international oil and gas operations around the world, with a view to examining whether we are witnessing the emergence of transnational petroleum law (lex petrolea). The chapter explores the nature of governance in the petroleum industry and the extent to which the oil and gas industry is self-governed or governed by the state-made law. It assesses the degree of standardization of governance to determine whether it is so high as to give rise to the emergence of lex petrolea. The main focus is on sources, specific to the oil and gas industry, such as: model contracts, industry usages, standards, and guidelines promulgated by industry organizations and associations. This chapter argues that lex petrolea is not yet a mature legal order. Its sources are best characterized as transnational layers of governance of the international exploration and production operations. As to the relationship between the alleged lex petrolea and the state-made law, it is demonstrated that the two are vitally important to and mutually dependent on each other.
Keywords: oil and gas industry, lex mercatoria, transnational petroleum law, lex petrolea, international exploration, production operations upstream, upstream legal regimes, model contracts, industry standards and guidelines, industry usages
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