Petroleum and mining legal regimes: history and recent trends in the energy transition

This chapter discusses the evolution and importance of natural resource contracts and legislation in addressing resource nationalism. Historical approaches to the management of resource nationalism have evolved in three phases: (1) the cartelization phase aimed at asserting greater national control over the management of natural resources, (2) the structured multilateral partnership and investment treaty phase aimed at collaborating with other resource producers, and (3) the ongoing reassertion of resource nationalism through stringent contractual requirements. There has been some overlap as the industry transitions from the second phase to the third. After discussing these phases, this chapter analyzes how resource-rich countries and investors can reassess and readapt contractual clauses and provisions, such as stabilization, local content, and dispute resolution clauses, in resource contracts to address emerging risks amid the accelerating clean energy transition.