Oil discussion ADCCAC : A standard arbitration clause has been drafted and adopted
A standard arbitration clause has been drafted and adopted, through discussions and mutual consent between the concerned parties, and inserted i the agreements referred to.
This standard “arbitration clause” reads as follows: The Parties shall use their best efforts to settle all disputes or claims arising out of or in relation to this Agreement or any breach thereof. Should any difference or dispute of any kind arise between the Parties in connection with or arising out of this Agreement which cannot amicably be resolved within three hundred and sixty (360) days, then such difference or dispute shall be settled finally by arbitration in Abu Dhabi under the Procedural Rules of the Abu Dhabi Commercial Conciliation and Arbitration Center ADCCAC. by three (3) arbitrators, one to be nominated by each party and the third to be agreed by the two nated and failing such agreement the third arbitrator to be appointed.
Iraq in 1925 represented a slight improvement on concession. Article 40 of the agreement stipulated arbitrators failed upon a referee they were to request to agree Justic the President of the Permanent Court .
Cases successfully Referred to Arbitration Despite the frequent use of arbitration clauses in oil concessions the Middle East, in practice only a very small number of dspdad have been settled by arbitration. Differences arising bere countries and concessionaires have usually been negotiations. In fact, until the late 1970s, arbitration pro
ENTITLEMENT DISPUTES UNDER PETROLEUM Agreements THE concessions in the Arab producing countries of the area had been in only four cases, between: the Ruler of and Petroleum Development(Qatar), Ltd. in 1950; the eut r on of Sheikh of Abu Dhabi and Petroleum Development (Trucial Coast) an Co Ltd.
in 1951: the Ruler of Qatar and the International Marine oil Company Ltd. in 1953: and the Government of Saudi Arabia and f the two the Arabian American oil Company(Aramco) in 1958. In the on would early 1980s there was also an arbitration case involving the e(con government of Kuwait and the American Independent oil ointment Company(AMINOIL) (1982) For a complete picture of oil arbitration in the Arab world, one cle 42) must include the arbitration cases which were filed against the ination to Libyan government by the oil companies that were nationalized by 1963, the Libya in the 1970s.
THE PETROLEUM Experience oF ABU DHABI GAS products
THE PETROLEUM Experience oF ABU DHABI GAS products, it does not realize any profits which would be sub Common taxation. Unlike ADGAS, which pays income tax on its reven realized through the sale of its products, LPG an income tax. Instead, the Abu Dhabi income tax is appear which accordance with the Departmental Letter, on each participating mech GAsco. If, however, GASCo ere to become a profit. making specific nee entity, it too would be subject to taxation.
The onshore gas development projects AGD-2 and AGD.3
presently planning an expansion of gas processing capacity under handle the additional gas that will be produced once the onshore gas development projects(AGD-2 and AGD.3) icipal completed in 2007-2008. This is the fields Management and Administration of GASCO GASCO is controlled by ADNOC(68 percent holdin oil fields.
Shell(15 percent eacl) and Partex(2 ADNOC The business and affairs of GASCO are managed by a B is the gas Directors composed of seven Directors, of whom a a participat four and Total, Shell and Partex each appoint one.
THE PETROLEUM EXPERIENCE oF Abu Dhabi Gas Liquefaction Company (ADGAS)
The total investment in the project is estimated at some Uss 8-10 billion. The cost of the first phase of the project is estimated at s3.5 billion(S2 billion for the upstream facilities, and si.5 billion for the gas line and terminals in Abu Dhabi and Dubai).
At the end of 2003, Qatar Petroleum and DEL finalized the Dolphin Project’s field development plan in accordance with a 25- ear development and production-sharing agreement reached in December 2001. When the development plan has been completed(due in 2007), DEL will produce natural gas from the North Field and process it in an offshore plant at Ras Laffan(in Qatar) where condensate and NGL will be extracted.