REGULATORY REFORMS REQUIRED IN THE INDIAN OIL AND GAS INDUSTRY FOR AN EFFECTIVE DISPUTE RESOLUTION MECHANISM: A WAY FORWARD
Keywords:
Indian oil, petroleum industry, ADRAbstract
The Oil and gas sector being so vast and diverse in it activities gives rise to unprecedented natures of disputes which are needed to be resolved by an effective dispute resolution mechanism given the technical and complex nature of the disputes. Disputes in the oil and gas sector could arise because of the sector being divided in different sectors; it deals with different types of disputes. Disputes in the oil and gas sector can range from quantity and quality disputes, jurisdiction disputes, disputes involving equipment, gas contracts, oil trading contracts, subcontracting and a host of them. Like shareholder value related issues, regulatory issues, trade restriction among others. However, there are dispute resolution mechanism provided in individual regimes, absence of independent regulators in the upstream sector and Issues dealing with various aspects like integrating regulators in the Oil and gas sector and construction of better dispute resolution mechanism is the need of the hour.
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