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Content

Abbreviations

1. Introduction

2. The principle of permanent sovereignty over wealth and natural resources

2.1The historical context and evolution

2.2Principle of permanent sovereignty over natural resources as a source of international law

3. Rights and obligations resulting from the principle of permanent sovereignty over natural resources

3.1The management of natural resources

3.1.1The right to freely dispose of natural resources

3.1.2The right to free exploration and exploitation of natural resources

3.1.3The right to regain effective control and compensation

3.2The economic development of the state and the prosperity of nations

3.2.1The right to use natural resources for the development of the country

3.2.2The duty to exercise the nation’s sovereignty for the development and prosperity of nations

3.2.3The duty to respect the rights and interests of indigenous peoples

3.3Environmental protection

3.3.1The right to manage natural resources in accordance with the national environmental policy

3.3.2The duty of protection and sustainable use of natural wealth and resources

3.4International cooperation

3.4.1The duty to cooperate internationally for development

3.4.2The right to a fair share of the benefits of cross-border natural resources

3.4.3The duty to distribute cross-border natural resources equitably

3.5Investment protection

3.5.1The right to regulate foreign investments

3.5.1.1The right to regulate foreign investments as such

3.5.1.2The right to regulate acceptance of foreign investments

3.5.1.3The right to exercise power over foreign investments

3.5.2The right to expropriate or nationalize foreign investments

3.5.2.1The right to take ownership as such

3.5.2.2The right to freely determine the conditions of nationalization

3.5.2.3The right to refuse to pay compensation or to determine it freely

3.5.2.4The right to freely choose the means of settling disputes concerning nationalization

3.5.2.5The right to resolve disputes based on national law

3.5.3The duty to respect international law and treat foreign investors fairly

3.5.4Obligations related to the right to take over foreign ownership

3.5.4.1The requirement of acting in the public interest

3.5.4.2The requirement of acting without discrimination

3.5.4.3The requirement to pay compensation

3.5.4.4The requirement to maintain the compensation standards

3.5.4.5The requirement to perform a reliable procedure

4. Global governance of oil and gas resources

4.1The concept of global governance

4.2The characteristics of governance of oil and gas resources

4.3Sustainable development in the governance in the oil and gas sector

4.3.1World Bank Group

4.3.2Equator Principles

4.3.3Global Compact

4.3.4Global Reporting Initiative

4.3.5Extractive Industries Transparency Initiative

4.3.6Voluntary Principles on Security and Human Rights

4.3.7Mining and protected areas

4.4Institutional architecture

5. Regimes of governance of oil and gas resources

5.1Trade

5.1.1Transit

5.1.2Institutional regimes

5.1.2.1World Trade Organization (WTO)

5.1.2.2Conference on the Energy Charter Treaty

5.1.2.3Preferential trade arrangements

5.1.2.4Organization of the petroleum exporting countries (OPEC)

5.1.2.5Gas Exporting Countries Forum (GECF)

5.2Investment protection

5.2.1Investment agreements

5.2.2Expropriation

5.2.3Conditions for legality of expropriation

5.2.3.1Public purpose

5.2.3.2Prohibition of discrimination

5.2.3.3Due process

5.2.3.4Compensation

5.2.3.5Proportionality

5.2.3.6Fair and equitable treatment

5.2.3.7Nonabuse of rights

5.2.3.8No direct benefit to the state

5.2.4Specificity of investments in the mining sector

5.3Environmental protection

5.3.1Climate

5.3.1.1United Nations

5.3.1.2WTO

5.3.1.3Energy Charter Conference

5.3.1.4European Union

5.3.1.5NAFTA

5.3.2Sustainable and equitable governance of the extractive industry

5.3.3Biodiversity

5.3.4Strategic environmental impact assessment

5.4Extractable resources in marine areas

5.4.1Establishment of sovereignty over the resources of the subsoil and seabed of the continental shelf

5.4.2Exploitation of mining resources based on the UN Convention on the Law of the Sea

5.4.3Regional conventions

5.5Transparency and accountability

5.5.1International initiatives

5.5.2Creating global norms and standards

5.5.3Transparency and public control in investment and arbitration agreements

5.5.4Anti-corruption regulations

5.6Protection of local communities

5.6.1Community development agreements

5.6.2The principle of free, prior and informed consent of indigenous peoples

5.6.2.1International human rights law

5.6.2.2International environmental law

5.6.2.3The procedure for obtaining consent

5.6.3Due diligence

5.6.3.1The state duty to protect human rights

5.6.3.2Corporate responsibility in the field of respect for human rights

5.6.3.3Remedial mechanisms

5.6.3.4Reporting

Summary

Bibliography

1. Legal acts

2. Monographs

3. Articles

4. Rulings

5. Documents

Index

Global Governance of Oil and Gas Resources in the International Legal Perspective

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