Globalization Impact on the States Sovereignty and the Development of International law On Petroleum Contracts

Abstract

We are seeing a major improvement in political, economic and legal arena concepts that this shift in attitude is an element developer in global trade. One of the achievements of this development is the emergence of new sovereignty states. We can examine this results: 1- Correction in international petroleum law, 2- standards governing petroleum contracts, 3- transnational law. Analysis shows, international development law and sustainable development and also its impact on petroleum contracts. Based on this hypothesis, these rules do not require the agreement with the parties in contracts between investors and host governments as standard contractual terms.

Keywords: Globalization, Petroleum contracts, States Sovereignty, Environmental rights.