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- Preliminary Material
- Dedication
- Foreword
- Acknowledgements
- Contents—Summary
- Contents—Detailed
- Table of Cases
- Table of National Legislation
- Afghanistan
- Algeria
- Angola
- Argentina
- Australia
- Azerbaijan
- Bolivia
- Cameroon
- Canada
- Chad
- Chile
- China
- Columbia
- Congo
- Democratic Republic of Timor- Leste
- Ecuador
- Egypt
- France
- Germany
- Ghana
- Guinea
- India
- Indonesia
- Iraq
- Italy
- Iran
- Ivory Coast
- Jamaica
- Kazakhstan
- Kenya
- Kurdistan Region
- Kuwait
- Liberia
- Libya
- Malaysia
- Mexico
- Mozambique
- Netherlands
- Nigeria
- Panama
- Peru
- Philippines
- Qatar
- Russian Federation
- South Africa
- South Sudan
- Spain
- Sudan
- Tanzania
- Tunisia
- Turkey
- Uganda
- Ukraine
- United Kingdom
- United States
- Uzbekistan
- Venezuela
- Vietnam
- Table of Treaties and Other International Instruments
- Abbreviations
- Glossary
- Introduction to the Second Edition
- Main Text
- Part I
- 1 Energy Investment Law
- 2 States, Investors, and Energy Agreements
- Preliminary Material
- A Introduction
- B The Foundations of Partnership
- C Governance
- D Energy Investment Agreements
- 2.94
- 2.95
- 2.96
- 2.97
- 2.98
- 2.99
- 2.100
- (1) Hydrocarbons
- (2) Natural gas
- (3) Electricity and renewable energy
- (4) Coal and energy-related mining
- (5) Unconventional energy
- (6) Nuclear energy
- E Conclusions
- 3 Stability Based on Contract
- Preliminary Material
- A Introduction
- B Contract, Legislation, and Treaty
- C Stabilization Clauses
- D Renegotiation: The Rules of Engagement
- E Enforcement
- F International Pipeline Projects
- G Conclusions
- 4 The Classic Tests of Contract-Based Stability
- 5 Stability Based on Treaty
- Preliminary Material
- A Introduction: Expansion of Guarantees to Investors
- B BITs and the Energy Sector
- C Stability and Treaty-based Standards
- D The Energy Charter Treaty
- E USMCA & NAFTA Chapter 11
- F Treaties with Investment Provisions
- G The Paramount Role of ICSID
- H Conclusions
- Part II
- 6 Meeting Challenges to Investment Stability—Across the Energy Spectrum
- Preliminary Material
- A Introduction: Rethinking Stability
- B Five Challenges
- C Expropriation, Direct and Indirect
- D Stability and Legitimate Expectations
- 6.100
- 6.101
- (1) The broad scope of FET
- (2) What is a stable and predictable framework?
- (3) The main questions
- 6.122
- (a) Are the investor’s expectations of stability based on contractual commitments?
- (b) Are the investor’s expectations based on the host state’s legal order?
- (c) Are the investor’s expectations based on representations?
- (d) Are the investor’s expectations based on circumstances or context?
- (e) If the ECT is applicable, what expectations about stability are legitimate?
- E Making Claims: Treaty versus Contract
- F Investor Responsibilities
- G System Reform and Energy Investment
- H Conclusions
- 7 Latin America: Treaty and Contract Stability in the Face of Policy Realignment and Crisis
- Preliminary Material
- A Introduction
- B The Pendulum Swings
- C The Legal Stability Agreement
- D Testing LSAs: Peru and Ecuador
- E Treaty v Contract: Forced Renegotiations & Outcomes (Venezuela)
- F Testing the International Investment Regime: Rejectionism (Bolivia)
- G Treaty-based Protection: Ecuador
- H FET, Stability, and Legitimate Expectations: Argentina
- I Conclusions
- 8 Russia, Ukraine, and Central Asia: Treaty and Contract Stability in the Post-Soviet Space
- Preliminary Material
- A Introduction
- B The Pendulum Swings
- C Providing Legal Stability
- D Testing Stability Mechanisms
- E Stability and Gas Contracting
- F Engaging with the Energy Charter Treaty
- G Stability and Mining in the Region
- H Conclusions
- 9 Africa: Treaty and Contract Stability
- Preliminary Material
- A Introduction
- B Energy Investment, Phase 1: Algeria, Egypt, and Nigeria
- 9.35
- 9.36
- (1) Algeria
- (2) Egypt
- (3) Nigeria
- (4) Disputes
- C Energy Investment, Phase 2: New Approaches to Stabilization
- D Other Patterns of Investment Dispute
- E Conclusions
- 6 Meeting Challenges to Investment Stability—Across the Energy Spectrum
- Part III
- 10 The Limits to Investment Stability: Environmental and Human Rights Issues
- Preliminary Material
- A Introduction
- B How Concerns Arise—and Who Has Them
- C Sources of Law
- D Raising the Standard of Environmental Protection
- 10.31
- 10.32
- 10.33
- 10.34
- (1) Investment contracts
- (2) Treaty protections
- 10.46
- 10.47
- (a) Claims against states to enforce environmental law
- (b) Claims by investors against takings/regulatory acts
- (c) Environmental claims as counterclaims
- (d) Environmental indemnities, permits
- (e) The costs of a policy change: Vattenfall v Germany
- (f) Responsibility for clean-up: Chevron and TexPet v Ecuador
- (3) Benchmarking
- (4) The Paris Agreement and Urgenda
- (5) Case study: the Sakhalin-II gas project
- E Decommissioning and Changes in Law
- F The Human Rights Debate
- G A Perfect Storm: Human Rights and Environmental Issues in the BTC Transnational Oil Pipeline Project
- H Conclusions
- 11 Damages and Enforcement of Awards
- Preliminary Material
- A Introduction
- B Damages: A Review of Principles and Compensation Standards
- C Valuing Energy Investments
- D Application of the Principles
- 11.38
- (1) El Paso v Argentina
- (2) CMS v Argentina
- (3) Ioannis Kardassopoulos and Ron Fuchs v The Republic of Georgia
- (4) Mobil v Venezuela I and II
- (5) Tidewater v Venezuela
- (6) Guaracachi v Bolivia
- (7) Stati v Kazakhstan
- (8) Yukos v The Russian Federation
- (9) Occidental v Ecuador
- (10) Murphy v Ecuador
- (11) Union Fenosa v Egypt
- (12) BayWa Renewable Energy v Spain
- E Enforcement
- F Settlement
- G Conclusions
- 12 Guarantees for Long-Term Energy Investments: Expectations and Realities
- 10 The Limits to Investment Stability: Environmental and Human Rights Issues
- Part I
- Further Material
- Appendix
- Appendix I Energy Charter Treaty (Part III: Investment Promotion and Protection, Articles 10–17)
- Appendix II Stability Provisions—Examples from Investment Agreements
- (1) Model and Negotiated Texts
- The Negotiated Supplement:
- Stabilization—the Model Provision
- The Negotiated Supplement:
- (2) Change of Law in Stabilisation Clauses—International Petroleum Agreements: Examples
- Africa
- I Liberia—Model Petroleum Sharing Contract of 2000
- II Tanzania—Model Production Sharing Contract of November 2004
- III Sudan—Exploration and Production Sharing Agreement Dated 15 January 2002 Between the Government of Sudan and Joint-Stock Oil and Gas Company Slavneft and Sudapet Ltd.
- IV Algeria—Model Production Sharing Contract
- V South Sudan—Production Sharing Contract Dated June 28, 2005 among Nile Petroleum Corporation, SET Energy GmbH, Industrial & Financial Group ASCOM S.A.
- VI Angola—Model Production Sharing Contract Dated 31 March 2006
- VII Guinea—Production Sharing Contract Dated 22 September 2006 between the Republic of Guinea and SCS Corporation
- Middle East
- VIII Iraq (Northern)—Model Production Sharing Agreement dated July 2002 between Interim Joint Regional Government of Northern Iraq, Sulaymaniyah Regional Governorate & Genel Elektrik A.S.
- IX Qatar—Art. 34.12 Model exploration and production sharing agreement 1994, entitled: ‘Equilibrium of the Agreement’:
- X Turkey—Art. 21.2. of the Host Government Agreement between the Government of Turkey and the MEP Participants governing the Baku-Tbilisi-Ceyhan (BTC) oil pipeline (October 19, 2000):
- Asia
- XI Afghanistan—Draft Model Production Sharing Agreement for Hydrocarbons Exploitation, Development and Production dated 3 January 2005
- XII India—Model Production Sharing Contract dated 27 December 2007 (NELP VII)
- XIII Vietnam—Model Petroleum Production Sharing Contract of 2007 between Vietnam Oil & Gas Corporation and Contractor
- XIV Philippines—Model Production Sharing Agreement of 11 April 2005
- XV China—Production Sharing Contract of 25 January 2002 for Exploitation of Coalbed Methane Resources in Enhong & Laochang, Yunnan Province, by & between China United Coalbed Methane Corp. Ltd. & Far East Energy Corp. (Supplement 165—Asia & Australasia)
- Africa
- Appendix III Nigeria LNG (Fiscal Incentives, Guarantees and Assurances) Act 1990, as amended in 1993
- Appendix IV Aguaytia-Ecuador LSA and Related Legislative Decrees
- Convenio de Estabilidad Jurídica con Aguaytia Energy, LLC de Estados Unidos de América, between the Republic of Peru and Aguaytia Energy LLC, 17 May 1996: Extracts
- Legislative Decrees referred to in Article 1 LSA
- 1) Legislative Decree 662 Approving the Juridical Stability System for Foreign Investment, published on 2 September 1991
- 2) Legislative Decree 757 of 13 November 1999, Title V (Juridical Stability of Investments), Chapter 1 (Juridical Stability Agreements), Article 39:
- 3) Supreme Decree 162-92 EF Approving the Regulations for Private Investment Guarantee Systems of 12 October 1992
- Appendix V Association Agreement between Mobil and PDVSA, Article XV
- Appendix VI Legal Stability Agreement: Democratic Republic of Timor-Leste
- Select Bibliography
- Index
- [35.172.165.64]
- 35.172.165.64
