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For the contract on exploitation of hydrocarbons it has been shown that great attention should be paid to the negotiation phase. The durability of the contract is usually a result of the fact that the negotiators had equal bargaining power. However, the study of basic legal mechanisms, of the process of re-negotiation and different remedies that are used in these contracts points to the conclusion that such agreements must constantly be updated. It is therefore necessary for such contracts to incorporate provisions governing the procedure for their "painless" change. These provisions should be adaptable to the new circumstances and "rules of the game" must be clear to the contractors from the outset. If these questions are regulated in detail then there is less possibility of costly and lengthy disputes emerging. When negotiating, the parties should take into account all the circumstances of the case and find the right measure for use of all legal means described above in order to achieve the main goal - flexibility of the contract and its adaptability to the new circumstances. The paper showed that none of the given solutions has the absolute advantage over the others, but the best results are achieved by skillful combining a large number of these legal remedies. The ultimate goal would be that the host state realize the full extent of its sovereign rights over its natural energy resources eventually. It is for many countries that are burdened by economic problems a tall order, because foreign investors in many cases continue to have '' the last word '' even when the host country holds, for example, a majority of shares in the company.

Seizmografska istraživanja čiji je naručitelj Vlada Republike Hrvatske ukazuju na to da jadransko podmorje sadrži zalihe ugljikovodika. Iako tu nije riječ o posebice bogatim zalihama, rezultati tih početnih istraživanja pobuđuju interes multinacionalnih trgovačkih društava koja se bave preradom ugljikovodika. Pravna sigurnost gospodarskog pothvata tim društvima jedna je od najvažnijih pretpostavki za ulaganje. Taj zahtjev će se ispuniti s(p)retnom i umješnom kombinacijom zakonodavnog uređenja tog gospodarskog područja države domaćina s jedne strane te sklapanjem posebnih „tailor made“ ugovora s druge, što predstavlja veliki izazov za ugovorne strane. Naime, ugovori o iskorištavanju ugljikovodika moraju kao i svaki drugi ugovor biti odraz svih načela obveznog prava pa je u tom smislu potrebno pronaći pravu ravnotežu između načela ravnopravnosti ugovornih strana i načela pacta sunt servanda, ali i zahtjeva inozemnog trgovačkog društva koje ulaže znatna sredstva u pothvat i očekuje određene povlastice koje će omogućiti razmjerno brz povrat barem početno uloženih sredstava. Ne smije se zaboraviti da je tu riječ o višegodišnjim ugovorima koji trebaju izdržati test ponekad burnih gospodarskih ali i društveno-političkih promjena te treba utvrditi jesu li se okolnosti toliko promijenile da je za jednu od ugovornih strana ispunjenje ugovornih obveza otežano ili se više ne može ostvariti niti svrha ugovora. Kod spomenutih ugovora, raskid ugovora najčešće nije u interesu ugovornih strana. U radu se provodi raščlamba najvažnijih odredaba tih ugovora te se predlažu rješenja koja bi tim pravnim poslovima dala potrebnu razinu prilagodljivosti svim gospodarsko-političkim promjenama koje će sigurno nastati.

Ventures in the field of exploitation of hydrocarbons are expensive and complex operations. They require the participation of partners who have sufficient financial resources, special expertise and skills. The paper discusses major issues that should be regulated by these contracts. The aim of the joint venture in the field of oil exploitation consists, in simple terms, of the research phase, of drilling and well completion phase and of setting up the production plant, i.e. the production phase. Undertaking is conducted in the form of partnership or in form of capital company. Thus, the initial articles of the contract provide definitions of terms. Then the agreement regulates the issue of partners shares entered into a joint venture and in particular the value of each share. In the agreement, the partners must identify all the essential information about the exploration field and wells. The agreement should regulate the legal status of operators, insurance funds, the standard of quality in the performance the right to information and monitoring. Partners must accept the financing plan and set rules for the case that one of the partners does not meet its obligations under the financing plan. Partners must decide on the right to transfer shares to other partners or third parties. Furthermore, the contract must regulate the issue of termination and legal consequences of such a declaration but also set the conditions for a valid termination. The contract must also provide a mechanism to resolve conflicts and must specify which law applies in the event of a dispute.

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