(By Aryavart International University, India)
Basim Abdulkareem Hasan Al-Jhayyish, Muhammad Issa Abdullah
Vol. 17 Jan-Jun 2024
Abstract:
Petroleum wealth is considered one of the most important natural resources whose collection areas lie within the lower layers of the Earth’s surface and the bottom of the seas and oceans. Nature has designated some regions of the world and not others to contain in their land and embrace these precious petroleum resources in their interior, given that oil fields form a continuous surface area that forms a single unit. It is indivisible and is located in one or more reservoirs. The fields may be within the borders of a country’s territory or extend outside its territory and be shared by one or more countries. They are called joint petroleum fields or cross-border fields, and organizing the petroleum exploitation of joint petroleum fields, whether on land or sea, requires the conclusion of bilateral agreements, to fix and draw borders, and to divide the petroleum reserve so that its exploitation is either directly for each country within its territory, or through participation in petroleum exploitation via A joint project or by agreement to refer the matter to international companies specialized in petroleum extraction. In the event of failure to agree on the regulation of petroleum exploitation, this leads to the outbreak of disputes between the countries concerned in the production stage regarding the nature and extent of the rights claimed by the countries whose territory lies part of the oil field. The dispute occurs due to the conflict of their interests and is known as an international dispute, as represented by the situation resulting from a collision. Viewpoints between two or more countries. In this case, the dispute is closer to a political dispute, in addition to being a legal and economic dispute. At first glance, these matters are contradictory between them, but in the event of rapprochement between the two parties, this dispute can be settled and resolved through non-judicial means represented by negotiation methods. Direct friendly methods, as well as indirect friendly methods such as good offices, mediation and conciliation. Resolve the dispute through judicial means represented by international arbitration and the International Court of Justice.