The Issue of Resource Nationalism: Risk Engineering and Dispute Management in the Oil and Gas Industry
Article from: OGEL 3 (2012), in OGEL Ten Years Special Issue: Internationalisation of Energy Law
Resource nationalism has historically proved to be a cyclical phenomenon, and it is not new. In various geopolitical contexts and situations, it has tended to assert the nation-state's sovereign authority over the upstream (and often even downstream) activities of international oil companies ("IOCs") in the petroleum industry. The specter of resource nationalism has often appeared with resource scarcity (whether manipulated or not) and the consequent increasing energy prices in the world market. World politics could often be the driver behind it. The events of the 1970s ...