Introduction

This Special Issue on Risks and Responses to Risk in the Energy Sector focuses on a number of key risks areas that are facing the international industry today. A number of topical papers are included ranging from academic to industry professionals, covering a wide range of issues in the subject area.

Mirian Kene Kachikwu starts with a thought provoking paper on Navigating the Challenging Topography of the Contemporary Energy Industry - Emerging Risks, followed by two focused papers on tax risks, one by Knut Olsen on Tax Risks in the Energy Sector - An Increasing Challenge and another by Greg Matlock on Nothing Is Certain...? Changes in Tax and Fiscal Regimes Are Reshaping the Way Investors and Companies Evaluate Oil and Gas Investments.

It then examines the issues of risk, liability, reform, litigation and good oil field practice in the aftermath of major offshore incidents such as the Piper Alpha, Montara and the Deepwater Horizon. It includes papers from Tina Hunter who gives an excellent overview of the Risk and Response in Australia's Offshore Petroleum Sector - Lessons from Varanus Island and Montara; Newland on The Changing Face of Regulation in Australia's Offshore Oil and Gas Industry: An Analysis of Post Incident Regulatory Reform From Piper Alpha to Deepwater Horizon; Thibault et al on The Post-Macondo World of Litigation, Regulation and Transactions: No Longer Business As Usual; Peter Cameron's paper on Liability for Catastrophic Risk in the Oil and Gas Industry; and Michael Bunter's exposition of World-wide standards of Good Oilfield Practice - The impact of the blow-out, deaths and spill at the BP Macondo well, MC 252/1-01, US Gulf of Mexico.

In a regional context; Raluca Radu discusses A New EU Perspective: Climate Change Clauses in Energy Contracts; Leon Moller examines The Governance of Oil and Gas Operations in Hostile but Attractive Regions: West Africa and Ensieh Mohajeri gives an Overview of Political and Regulatory Risks in International Energy Investment. Finally, Oladele M. Oladunjoye examines the Nigerian situation and discusses Incorporated Joint Ventures in the Nigerian Petroleum Industry: Examining the Legal Implications & Regulatory Risks.

We extend our thanks to all the contributing authors for their highly provocative and interesting papers and also to the Publisher and Kim Talus (Editor-in-Chief) for their assistance.