The international petroleum business invests in large, complex, capital-intensive projects that have long life spans. Circumstances, economics, governments and parties invariably change in these international oil and gas projects, which can often lead to a dispute. The petroleum sector is also a major global investor. The result is that the international energy sector, along with its associated construction projects, makes up the largest portfolio of international commercial and state investment disputes in the world.
Originally Published in: Journal of World Energy Law & Business Volume 4, No. 4 (2011)