I. INTRODUCTION

In this chapter, we attempt to generally identify and discuss those issues that are specific to—i.e., that occur more frequently in—oil, gas, and energy1 investment and international commercial arbitration and thereby give it a special, characteristic flavour. As an introductory matter, it should be acknowledged that although oil and gas and energy disputes do arise with considerable frequency in both an international investment and commercial context, only some types of transactions in these two industries (oil and gas, electrical energy) seem to be clearly specific to those industries. Some disputes, such as those relating to construction contracts and activities, or sales and transportation/shipping, can sometimes call for a rather normal application of commercial law. In contrast, natural gas, liquefied natural gas (LNG), and electricity are often sold on the basis of long- term sales contracts; here, questions regarding the application of market adaptation indices and other internal mechanisms may and often do give rise to issues that are unique to the energy industry.