Edited by Kim Talus
Given the international character of oil and gas markets, market participants and investments in this area, legislative, regulatory and contractual solutions have to follow. Internationalization of national upstream regulations, influence of public international law, international standards and models for private contracts and international industry standards are all evidence that this internationalization has, and still is, taking place. The objective of this chapter on ‘International Petroleum Regulation’ is to provide an overview of upstream oil and gas sector and its regulation at international level. In addition to discussing the relevant norms of international law and examining their impact in this area, the chapter also examines the process of internationalization of national solutions in this area. Similarly, in addition to hard law instruments, the chapter also provides for discussion on the existence and role of soft law instruments in the upstream oil and gas sector.
Kim Talus and Pami Aalto
Energy has been at the core of the EU project since the beginning. However, a legal basis for EU action in this area was only created with the Lisbon Treaty. Article 194 TFEU now provides for objectives of EU energy policy and a framework to enact EU-level regulation in this area. This chapter examines the vertical division of competences between EU and its Member States. While the primary focus of the chapter is on the interpretation of the Treaty on the Functioning of the European Union and Article 194 in particular, the chapter also discusses questions relating to multilevel governance in the context of EU energy policy.