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Managing confidential information on petroleum projects in the case of third parties

Maddahinasab Mostapha, Momenirad Ahmad, Tajarlou Reza, Razavi Mohammadhasan

Energy Policy Studies

2019

No. 2 (4)

49--61

In each business, certain confidentiality provisions are concluded. In the oil and gas business, information is a matter of importance. Therefore, it is routine in the petroleum industry to sign confidentiality clauses or confidentiality agreements. Also in many cases, the confidential information needs to be disclosed to certain third parties, either for completing the project or due to regulations. Hence, apparently, there would be a conflict between the confidentiality obligations and such disclosures to third parties. In this study, we analyse the risks and effects of the authorised disclosure of confidential information to third parties. The research hypothesis is that in the mentioned relations there is not enough coherence and accordance that can completely manage the safety of disclosed information. The main source of our research is Lex Petrolea (legal and contractual norms accepted internationally by governments and companies that are active in the petroleum industry).