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Development of Transboundary Hydrocarbon Fields: Legal and Economic Aspects
Objectives: The article considers some legal and regulatory aspects and investigates the main features of the development of transboundary offshore oil and gas deposits. Methods/Statistical Analysis: To study the transboundary cooperation, the authors applied statistical techniques, methods of strategic and comparative analysis, as well as a systematic approach. The research papers of Russian and foreign authors, laws and regulations, international treaties and agreements, reports of oil and gas companies formed theoretical and methodological basis of the paper. Findings: The study of legal and economic features of the development and operation of transboundary hydrocarbon offshore fields enabled the authors to reveal certain specific features, challenges and difficulties in implementing unitization principles. The authors carried out a historical analysis of such concepts as a transboundary deposit, unitization, unitization agreement and explored various issues of unitization in the development of transboundary deposits. The article presents a review of Norwegian and Russian experience concerning the conclusion of unitization agreements and delimitation agreements (demarcation of boundaries). The authors conducted a detailed study of the cooperation of Norway and the United Kingdom regarding the Frig field development. The article analyzes the Treaty between the Russian Federation and the Kingdom of Norway on Maritime Delimitation and Cooperation in the Barents Sea and the Arctic Ocean, as well as the Agreement between the Russian Federation and the Republic of Kazakhstan on the delimitation of the northern part of the Caspian Sea and on joint development of transboundary Imashevskoye deposit. Improvements: Conducted research proved the possibility to use international practices in the development of transboundary hydrocarbon deposits, taking into account the possibilities and challenges of the Russian and Norwegian legislation; the article proposes the mechanism of transboundary cooperation in the development of hydrocarbon fields in the Arctic.
Delimitation, Government Regulation, International Practices, International Treaty, Norway, Oil and Gas, Russia, Transboundary Deposits, Unitization.
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