Oil and gas are natural resources of the world that have a high demand and not all countries are lucky enough to have these natural resources present in their land. The race to explore these resources has been going on for decades and those who succeed in finding them found the treasure. This is because the wheels of modern industry cannot turn these days without oil and petroleum.
Law of oil and gas
Since oil and gas are such important resources, the proper regulation of these natural resources is also very important. For this purpose different regulations have been set under different laws at international and national law. The branch of law that deals with natural resources is called natural resources law and its sub-branch dealing with oil, gas, petroleum, and other hydrocarbons are called oil and gas law which deals with rules related to the extraction, refining, transportation, import, and export of oil and gas.
Three main sectors of law
Oil and gas law deals with three main sectors:
- The upstream sector is the sector that deals with the production and exploration of gas and oil.
- The Midstream sector is the one that is responsible for marketing and transportation, collection, processing, and storing of oil and gas.
- The downstream sector is responsible for the ultimate distribution of the products produced as a result of refining the crude oil.
Oil and gas laws around different countries
Let us take a look at the oil and gas laws present in some countries around the globe. In USA most of the petroleum is drilled and extracted by states. Land ownership and other regulations depending on whether state or federal law is getting followed. Different regulations for the safety of workers, water and air quality are also enacted under different acts and clauses of law. Interstate Oil and gas compact commission works to regulate matters between different states.
In India, different acts in different years have been made part of the constitution to solve matters related to oil and gas. Oilfields law 1948 and the petroleum and natural gas rules 1959 are some of the major examples. Different state organizations also work for the compliance of these laws. The Indian government also modifies these rules from time to time to meet the needs of that specific era.
Oil and gas law in Libya which is known as petroleum law came into existence in 1955 in which further revisions were made in 1961, 1965, and 1970. Libyan oil and gas law states that all the oil and gas resources found in the state of Libya are the property of Libya and no person or organization can get benefit from them or use them unless authorized by the state. If you want to work in Libya or start any business that deals with petroleum products, Libyan law firms are there to help. There are many top oil and gas law firms of Libya that provide their services to those who want to work in this business.
Conclusion:
Apart from international oil and gas law, every country has its regulations and it is important to know them if you want to start any kind of petroleum-related work in that country.