International Commercial Arbitration in Upstream Oil and Gas Vector

Ms. Leah Ratcliff, of counsel at Jones Day, talked about upstream energy projects. According to her, these projects involve complex contracting structures that govern the rights and obligations of multiple entities, including host state representatives and multiple investors or joint venture participants. Further suites of arrangements are entered with many other parties, such as contractors, suppliers, financiers and insurers. International arbitration offers distinct benefits, especially neutrality, confidentiality, and enforceability of awards, to support the resolution of disputes that arise in connection with such projects. Careful contract drafting and dispute management are required to preserve long term commercial relationships as well as the economic benefits that derive from such projects. Particular issues to be considered include multi-party arbitration, consolidation of multiple arbitrations, and steps to preserve the ultimate enforceability of arbitral awards.