For this reason, at the time of the entry into force of the first Petroleum Law (Law No. 134 of 1995) in Romania, the Government of Romania and NAMR were informed by international advisers that the principle of stability of the legislation applicable to oil exploration is internationally recognized and crucial for attracting foreign investment in this sector. regardless of the legal instrument used. These legal stability agreements were granted under the Fujimori government and guarantee the stability of the legal framework in force at the time of investment, including labour, tax and income policies (United Nations, 2000). This also applies to Romania, where the concession for oil transactions is granted on the basis of oil contracts concluded between the National Agency for Mineral Resources (“NAMR”) and domestic and foreign legal entities following a public auction procedure. Therefore, the stability of the economic conditions of the legislation applicable to the oil industry is absolutely crucial for any foreign investor who is considering an investment in our country. In most countries with a higher political risk than the United Kingdom and Norway, or with a higher level of geological risk than Saudi Arabia, the conditions of stability are imperative to attract investment in the oil sector. Legal Stability Agreements Foreign investors may sign legal stability agreements with the Peruvian State to ensure the stability of tax legislation and the right to convertibility of foreign currencies as well as equal treatment with domestic investors in force at the time of signature for the duration of the agreement. Romanian Petroleum Law No.

238 of 2004 (“Petroleum Law”) reaffirmed this internationally recognised principle of stability, which is set out in Articles 31(2) and 61(1). This article discusses the issue of stability testing methodology between successive Delphi cycles and the need to do so before analyzing the level or type of consensus. After discussing a hierarchical set of criteria for determining the completion of such studies, the article reviews some of the most common treatments of the subject in the literature. Finally, it is proposed to use a χ2 test to test the stability of reactions between towers. The method is demonstrated using a numerical example. In 2012, the city and state negotiated a “financial stability agreement” to ensure the city`s financial stability and a stable platform for the city`s future growth. “The provisions of oil agreements approved by the government will remain valid for their entire duration under the conditions under which these agreements were concluded.” should no longer be part of the New Petroleum Act. What is certain is that the planned deletion of the referenced articles threatens and negatively affects the stability (economic and otherwise) of existing oil agreements and the proper negotiation of future oil agreements on the basis of series of tenders that will take place after the entry into force of the New Petroleum Law.

In the case of finance leases, the current tax system is fully stabilized by the signing of legal stability agreements. The strategic importance of oil to consumers and producers has ensured that oil contracts have retained some basic characteristics over time. One of the most important features of this type is the stability clause, the purpose of which is to ensure that the terms of a contract are frozen from the date of its conclusion and for the duration of the contract. (1) In view of the above, the new Petroleum Law should contain provisions on stability, as their removal could lead to disputes between namr, representing the Romanian State, and the holders of the title of the existing oil agreements. Their withdrawal could even trigger the withdrawal of some security holders from the blocks in which they currently operate oil activities, and would seriously deter further investment in Romania`s oil exploration and production industry. `The provisions of the Oil Agreement shall remain valid throughout the term of this Agreement, except in the case of the adoption of legislation favourable to the holder of the title of the Oil Agreement.` Jarir S. Dajani is Associate Professor, Infrastructure Planning and Management Program, Department of Civil Engineering, Stanford University, Stanford, California. The COMPANY has submitted to the competent Peruvian authority a request for the conclusion of a legal stability agreement in accordance with the provisions of Title II of Legislative Decree No.

662; Chapter I of Title V of Legislative Decree No 757; and the Regulation on Private Investment Guarantee Schemes approved by Executive Decree No. 162-92-EF (including amendment, regulation and supplementation of provisions). These legal stability agreements have legal status between the parties. Provided that they meet certain minimum requirements, foreign investors have the right to conclude the so-called legal stability agreements, which are literally mentioned in B in Section III. III. (I) “Stabilization of investment contracts and modification of rules in host countries: instruments for oil and gas investors” Peter D Cameron Annex 10-H.B The following bodies constitute a legal stability agreement concluded between the Peruvian State, represented by and hereinafter referred to as “STATE”, on the one hand, and on the other hand, hereinafter referred to as “INVESTOR”, under the conditions laid down in the following Articles: ONE. Examples of this software are PhotoShop and CorelDraw, etc. Multimedia: It combines at least two media for data entry or output. In addition, these legal stability agreements protect the rights to free convertibility and portability of currencies. Notwithstanding the above, the recent draft amendment to the Petroleum Law aimed to have Article 31(2): In some countries, such as Saudi Arabia, the perception of political risk may be high, but the perception of geological risk is low enough for foreign investors to accept the fact that the economic conditions of the legislation are not stabilized.

. A number of countries, including (but not limited to) countries with proven oil reserves, such as the United Kingdom and Norway, do not feel compelled to offer stabilization provisions to attract foreign investment, as they have a good track record of dealing with investors from other states. No new electrical facilities will be built until the right-of-way corridor meets the co-op`s requirements. PROINVERSION shall provide a copy of the legal stability agreements in accordance with Legislative Decrees Nos. 662 and 757, insofar as the successful tenderer had requested it within ten (10) days from the date of award of the contract. If the INVESTOR decides to exercise the right to renounce the legal stability agreement recognised in this Article, he shall automatically be subject to the provisions of ordinary law. Legal stability agreements can be concluded at any time, provided that the legal requirements are met. .