Spring 2010 - International Petroleum Transactions
Cuervo, Luis E
Course ID: 279M Unique # 28669 Credit Hours: 2
10:30 am - 12:20 pm
Thursday, May 13
This course is restricted to upper division students only.
Oil has been critical to the economy and the world we know. Crude oil is the most traded commodity and hydrocarbons have impacted our daily lives. Oil and gas resources are not evenly distributed around the world. Many of the countries with abundant resources have lacked the capital and technology to exploit them. Some multinational companies have budgets that exceed those of small countries and their activities and power is indicative of their significant international role. Contracts between countries and multinational companies for the exploration and exploitation of hydrocarbon resources, in addition to raising traditional contract law issues, include many philosophical and political issues. The nature of these agreements, the applicable legal regime, the main interests involved, and the risks associated with their performance, are some of the issues pertaining to these unique type of contracts. Further, dealing with sovereigns raises multiple litigation related issues.
Related Course Areas
This course will introduce the student to this specialized area of legal practice to understand the main issues involved through a historic and comparative law approach. Many factors are considered when drafting oil and gas laws or entering into international oil and gas transactions, including but not limited to economic, social, political and environmental impacts. This course will review the key players, most significant contractual models, and the hydrocarbon policies of selected countries. The following topics will be discussed: energy sources; sovereignty and ownership of natural resources; oil and gas, power and politics; dependence and national security; key industry players: multinationals, national oil companies, and OPEC. We will review the main characteristics of oil and gas laws in selected countries and the basic agreements used in the international oil and gas business.