Global Governance of Oil and Gas Resources in the International Legal Perspective

The principle of permanent sovereignty over natural resources was originally intended to protect economic independence and development of resource-rich countries. Now, it is heading towards fair and equitable distribution of resources. The complex of regimes for global governance of oil and gas resources includes trade, investment protection, maritime areas, environmental issues, transparency and accountability of oil and gas sector, human rights and protection of local communities. Despite the fact that it is national states who are traditionally perceived to be central actors in the governance of natural resources, the issue is currently the object of multidimensional global interest. The key to sustainable development in this area is intersectoral and transnational cooperation.