05.07.2009
Such as sovereign rights that exist in territorial waters or in an exclusive economic zone
Such as sovereign rights that exist in territorial waters or in an exclusive economic zone
Relevant in a (Production Sharing Contract) PSC between an (International or Independent Oil Company) IOC and a National NOCs.
Sovereign Immunity – the legal doctrine that a state cannot be sued without its consent. The extent a state is immune within its own jurisdiction varies according to country, while principles of international law exempt states from legal proceedings in another country. However if states are acting as contracting bodies, such as in a PSC, sovereign immunity may not be available in an international or foreign court. In addition, a state may elect to waive this immunity when negotiating a PSC contract