Preventing the Inevitable: The Benefits of Contractual Risk Engineering in Light of Venezuela’s Recent Oil Field Nationalization
By , February 8, 2012
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This article discusses the renegotiations of the four heavy oil projects in Venezuela’s Orinoco oil belt. It explores whether foreign oil companies were successful in engineering out the risk of investments via long-term contracts and whether oil companies’ divergent choices regarding arbitration use reveal anything about the value of provisions for international arbitration as an external legal check.
