Because of the long-term nature of the upstream contracts of the oil industry, it is always possible for these contracts to be subject to fundamental changes in the situation. In such a way that economic, political, technical or economic, economic or economic changes wi
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Because of the long-term nature of the upstream contracts of the oil industry, it is always possible for these contracts to be subject to fundamental changes in the situation. In such a way that economic, political, technical or economic, economic or economic changes will overcome, in such a way that it is difficult for one party to fulfill the obligation, while the other party may benefit from these conditions. In such a case, re-negotiation is one of the solutions that can help resolve this problem. What many of these contracts today are of interest to the parties. Using this method, the parties can review the contract and allow it to continue to be implemented, the parties are required to observe ethics and goodwill to pave the way for an agreement to resolve the problem and exit the stalemate. . Re-negotiation may be entered in the conditional condition at the time of the conclusion of the contract or after agreement of the terms of the parties. This condition will stabilize the contract, and this will encourage foreign companies to invest in oil projects, which will result in economic development of the host country. In fact, this is a condition of a dispute resolution mechanism that prevents the liquidation of the contract in the event of a change of circumstances. However, observance of ethics and good faith requires the contracting party to seriously negotiate and make rational and enforceable proposals.
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