Dispute resolution in international petroleum transactions

The work goes on to analyze the principal methods for the resolution of oil and gas investment disputes, namely investment arbitration under the ICSID framework, as well as arbitration pursuant to the ICC and UNCITRAL Rules. Challenges to arbitral awards including review and annulment thereof, enforcement of arbitral awards under the ICSID Convention and under the New York Convention, as well as complications arising due to sovereign immunity are some of the matters dealt with. The complex interrelation between treaty claims and contract claims in the context of investment arbitration, the question of whether treaty-based tribunals have jurisdiction over purely contractual claims and the function of treaty “umbrella-clauses” are examined in detail. Though international arbitration is currently the leading dispute resolution mechanism in dealing with oil and gas investment disputes, the significance of alternative dispute resolution (ADR), in particular conciliation and investment mediation, has become increasingly apparent in recent years. The advantages and shortcomings of such mechanisms, as well as the increasing utilization of multi-tier dispute resolution clauses and dispute prevention mechanisms, are considered. The final part of this book deals with what seems to be an ever-increasing need for reform of the international ISDS framework by examining potential reform options and the complexities which may arise from their respective implementation.