The current international law applicable to the cooperative development of petroleum resources imposes few procedural requirements on States. In the event of a failure to agree, they may choose to make further efforts at developing cooperative arrangements, or go ahead independently and develop the resource. Recent bilateral agreements in the North Sea and the Caribbean seek to move beyond the cooperation established under bilateral delimitation treaties. They indicate a willingness to design innovative legal frameworks in which different, sometimes diverging interests may be managed. Nonetheless, early experience suggests that, in the event of a breakdown, unilateral action may follow.
- Petroleum resources development
- North Sea
- International law