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Risk Management and Dispute Avoidance in Oil and Gas Investments in Developing Countries: The Way Forward

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Chapter Summary

International oil companies (IOCs) should concentrate more on dispute management for a viable business relationship. Exploration and exploitation of natural resources are no short-term option for IOCs as they involve serious commitments including major risk taking, financial implications and responsibilities to various stakeholders including shareholders and lending financial institutions. This chapter highlights both legal and extralegal means by virtue of which risk and disputes could be managed in the context of a contractual relationship between the IOC and the host State. The lawyers who advise IOCs, draft international petroleum contracts with IOCs and negotiate with host States on their behalf can be more innovative and creative, and also thereby can add value to IOCs' business. Lawyers' innovative and creative role in the matter of forging the contract can help maintain the stability of the relationship between IOCs and host States and also show them the way for mutually beneficial relationship.

Keywords: dispute management; International oil companies (IOCs); international petroleum contracts; oil and gas investments; risk management



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