Legal Requirements for Energy Security with Emphasis on Environmental Hazards in the Oil and Gas Industry

Effective governance with the approach of long-term energy security and environmental considerations requires the interaction and adaptation to balance the economic benefits of projects and environmental concerns. Due to the transnational nature of the environmental hazards of the oil and gas industry contracts, the responsibility of contractors and transnational corporations must be monitored by the social responsibility system, international industrial and environmental standards. Also, policymakers in the field of energy security should assess the environmental risks of energy-related projects as the most recent dimension of energy security. In the past few decades corporate social responsibility and global citizenship of companies has turned to the dominant paradigm of legal and management sphere of companies. It has to say that big companies believe that they are responsible of their corporate strategy in front of the society and they feel obliged to cooperate with the rules and norms and values of the host country. While this area is expanding and improving and changing to the mandatory law, it belongs to the soft law. In short we can predict that this sphere will be one of the most important part of the legal systems and will oversee the other parts of law and predictably some conventions will be codified in this sphere of knowledge.