Several standards stipulated in international oil and gas agreements

Abstract

Agreements in various industries, as a rule, provide for the existence of single-section specific provisions, which have been established as a result of many years of practice. Agreements for transboundary oil and gas transportation projects are no exception in this regard. They provide for such specific provisions as environmental, technical, social, labor, human rights, health, safety, accounting and insurance standards. Of course, the above list may also be characteristic of other industries (for example, agreements for large infrastructure projects, etc.), since most of them, by their content, are of universal importance. The purpose of the standards under consideration is to ensure that international oil and gas transportation is carried out in a safer and more acceptable manner for all and to protect the interests of both the country owning the relevant territory, as well as investors and third parties involved in the project.