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3 J. World Energy L. & Bus. 1 (2010)

handle is hein.journals/jlowdeylw3 and id is 1 raw text is: Journal of World Energy Law & Business, 2010, Vol. 3, No. 1 JWELB Overview A rapid read overview of the articles in this issue: Artices Global petroleum industry model contracts revisited: Higher, faster, stronger (see p 4) A. Timothy Martin and J. Jay Park The global oil and gas industry has used model contracts for over 60 years to stan- dardize and simplify the most common transactions in the industry. This article updates a previous review of model con- tracts used in the industry by identifying additional models and revisions to previ- ous models. It outlines the advantages and disadvantages of model contracts and reviews the best means of achieving con- sensus on industry models so that they attain the maximum efficiency and benefits for the industry. Disputes in the oil and gas sector: Indonesia (see p 44) Karen Mills and Mirza A. Karim This article opens with a detailed summary of the history of oil and gas exploration in Indonesia, from the first well ever drilled until today, concentrating on the evolution of both Pertamina and of the Production Sharing Contract (PSC) and other forms of cooperation between the State and pri- vate interests. The changes in the tax posi- tion, primarily as a result of the US Internal Revenue Service claims of the mid-1970s, are also explained in some detail. The second part of the article deals with dispute resolution. The evolution of the dispute resolution provisions in the various generations of PSC is outlined. Thereafter follows a summary of most, if not all, of the disputes of various nature which have been experienced in this sector and how they have been resolved. Included in this latter section are the current problems with the disastrous Lapindo mudflow and an international arbitration currently being heard in Singapore, among others. The article concludes that very few dis- putes in the oil and gas sector have to be resolved by arbitration or litigation. Being a field that, by necessity, is engaged in by professionals, it is very much in the inter- ests of host states and explorers alike that any disputes be resolved quickly and ami- cably, and the players do act accordingly. The new foreign participation rules in each sector of the Mexican oil and gas industry: Are the modifications enough for foreign capitals? (see p 71) Alejandro Ldpez-Velarde Recognizing that Mexico cannot compete under the current legal system applicable to the oil and gas industry through its State company Petroleos Mexicanos (Pemex), Mexican lawmakers have reformed the oil and gas legal framework from upstream to downstream on 28 November 2008. Although there has been substantial speculation on the operation and eventual success of these modifications and reforms, there are no scholarly or trade publications to date that analyse these reforms, includ- 1

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