Extra-Heavy Oil: Potential For More Int'l Disputes

Law360, New York (October 11, 2012, 1:46 PM EDT) -- The discovery and development of massive extra-heavy oil reserves over the past decades have dramatically altered the energy landscape: Venezuela now claims to hold the largest hydrocarbon reserves in the world, largely because of the Orinoco Belt’s extra-heavy crude deposits. Canada, meanwhile, has become the world’s sixth largest oil producer, thanks to the Athabasca oil sands. From a dispute standpoint, some of the most significant recent arbitral awards pertain to extra-heavy oil projects and operations.

Even though the largest portion of the extra-heavy crude produced today...
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