International Oil and Gas Law Research Paper Example | Topics and Well Written Essays - 4000 words

International Oil and splatter Law - Research Paper Example..5 4.2 Importance of risk management 5 4.3 Classic assignment 6 4.4 Territorial jurisdiction..7 4.5 Guarantee schemes8 4.6 Collaborative agreements.9 5. Ways in which Urbania should proceed with the proposed anele development in the Amazia Forest region and ways in which should it decide which oil company to do work with ..................................................................................................................................10 5.1 Tackling the ethical issue ..10 6. ... Introduction Oil is one of the most precious natural resources utilized by countries in credit line argonna rigorously reaping enormous revenues and adds to the growth and development of an economy. The omnipotence of oil utility is also magnificent as we all know. But oil is not a renewable resource and olibanum its importance against its tremendous usage becomes much more pronounced. The developing countries in the world are mainly instilled with vast resources of oil and gas and their increase in demand is also increasing in fast scale in the recent years. Multinational oil companies, investors, suppliers, contractors as well as consulting firms are intimately shifting their attention towards these developing nations for carrying on their business operations (Razavi, 1996, p.2). The escalation in global oil fruit also carries along with it an urge of unparalleled risk management. With the rise in peaking of oil production, the liquid force out prices and price volatility has been rampant subjected to dramatic influence on economic, social and political forefronts of the countries. Strategies are devised by the organizations engaged in the oil industry for risk mitigation. The risk management paradigm is indeed of large(p) significance for mammoth investments in the oil industry projects which are time consuming. Apart from that, running business in an ethical manner is a definite necessity. Oil co mpanies working in a unsophisticated be it national or international must comply with the proper sub judice environment so that business operations are done in a suitable way and oil productions are carried on in a sustainable manner. The countries are required to maintain a strong legal environment which is an utmost necessity (Razavi, 1996,