Effectiveness of Current International Arbitration Law and Practice for Commercial Contracting Parties, in Transnational Oil and Gas Industry

International arbitration law and practice has changed dramatically over last couple of decades and so are the attitudes of disputing parties. This paper will be comparing arbitration with other DRMs and explore its benefits in some detail that makes it the most suitable for the petroleum industry. We will be also looking in the mechanics of international arbitration practice and how does national and international laws relate to it. Even though international arbitration is classified between investment and commercial arbitration, besides ICSID, majority of international arbitral institutions are open to both arbitrations. This paper will also be examining some features of a few widely recognised international arbitral institutions. International Arbitration Law exists among other areas of international laws, its relation, interaction and conflicts are also discussed. However, the main focus of the study is to make the readers from petroleum industry aware of processes involved in international arbitration, the due diligence they need to conduct when entering into arbitration agreements and the most effective terms on which they can agree to make the best use of this wonderful dispute resolution forum.