The compliance dilemma: economic sanctions and the AIPN Model Form International Joint Operating Agreement

The current AIPN Model Form International JOA (the ‘Model Form’) does not sufficiently address circumstances and issues arising from economic sanctions, and the global contemporary trend demonstrates a significant increase in the use of sanctions by both multi-national governing bodies and nation-st...

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Bibliographic Details
Published in:Journal of world energy law & business 2019-08, Vol.12 (4), p.331-347
Main Authors: Derman, Andrew B, Melsheimer, Andrew, Auner, Thomas J, Sikes, Skyler K
Format: Article
Language:English
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Summary:The current AIPN Model Form International JOA (the ‘Model Form’) does not sufficiently address circumstances and issues arising from economic sanctions, and the global contemporary trend demonstrates a significant increase in the use of sanctions by both multi-national governing bodies and nation-states. The USA implements unilateral economic sanctions more than any other country, and because US sanctions are often designed to prevent petroleum-related business with targeted countries and parties. Accordingly, this article (i) analyzes the impact US economic sanctions may have on the ability of international JOA members to both comply with sanctions and protect their interests under the JOA, and (ii) proposes certain definitions and a number of additional provisions the Model Form can adopt to address the issues arising from economic sanctions and protect the each party's interests.
ISSN:1754-9957
1754-9965
DOI:10.1093/jwelb/jwz017