Competition Law in the Oil and Gas Sector
Expert-defined terms from the Professional Certificate in International Oil and Gas Law course at London School of Business and Administration. Free to read, free to share, paired with a globally recognised certification pathway.
Competition Law in the Oil and Gas Sector Glossary #
Competition Law in the Oil and Gas Sector Glossary
Antitrust #
Antitrust refers to laws and regulations that promote competition by prohibiting anti-competitive practices such as monopolies, price fixing, and collusion.
Cartel #
A cartel is a group of companies that come together to fix prices, limit production, or divide markets to eliminate competition.
Collusion #
Collusion occurs when companies secretly agree to work together to manipulate the market, often to the detriment of consumers.
Competition Law #
Competition law, also known as antitrust law, is a set of laws and regulations designed to promote fair competition and prevent anti-competitive practices in the marketplace.
Horizontal Restraints #
Horizontal restraints refer to agreements or practices among competitors operating at the same level of the supply chain that restrict competition.
Vertical Restraints #
Vertical restraints refer to agreements or practices between companies operating at different levels of the supply chain that restrict competition.
Market Dominance #
Market dominance occurs when a company holds a significant share of a particular market, allowing it to influence prices and competition.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Merger Control #
Merger control is the process by which competition authorities assess and approve or block mergers and acquisitions that may have anti-competitive effects.
Monopoly #
A monopoly exists when a single company or group dominates a market, giving them significant control over prices and competition.
Price Fixing #
Price fixing occurs when competitors agree to set prices at a certain level, eliminating competition and harming consumers.
Barrier to Entry #
Barriers to entry are obstacles that make it difficult for new companies to enter a market, such as high capital requirements or government regulations.
Abuse of Dominance #
Abuse of dominance occurs when a dominant company uses its market power to harm competition, such as by charging unfair prices or limiting supply.
Joint Ventures #
Joint ventures are collaborations between two or more companies to undertake a specific business project, sharing risks and rewards.
State Aid #
State aid refers to financial assistance or other benefits provided by governments to companies, which may distort competition in the marketplace.
Competition Authority #
A competition authority is a government agency responsible for enforcing competition laws and regulations to ensure fair competition in the marketplace.
Merger Notification #
Merger notification is the process by which companies must inform competition authorities of their intention to merge, allowing for review and approval.
Market Definition #
Market definition is the process of identifying the boundaries of a specific market, including products, geographic scope, and competitors.
Competition Policy #
Competition policy refers to the set of laws, regulations, and practices that promote competition, protect consumers, and prevent anti-competitive behavior.
Competition Tribunal #
A competition tribunal is a specialized court or administrative body that hears cases related to competition law violations and enforces penalties.
Leniency Program #
A leniency program is a policy that offers reduced penalties or immunity to companies that come forward with information about anti-competitive behavior.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.
Competition Advocacy #
Competition advocacy involves promoting competition and providing guidance on competition policy to government agencies, businesses, and consumers.
Market Power #
Market power refers to a company's ability to control prices, output, or other competitive factors in a particular market.
Competition Compliance #
Competition compliance refers to the practices and policies that companies implement to ensure they comply with competition laws and regulations.
Vertical Integration #
Vertical integration occurs when a company controls or owns different stages of the supply chain, from production to distribution.
Competition Impact Assessment #
A competition impact assessment is a study or analysis conducted to assess the potential effects of a business practice or policy on competition in the marketplace.
Exclusivity Agreements #
Exclusivity agreements are contracts between a supplier and a buyer that restrict the buyer from purchasing products from competitors.
Market Conduct #
Market conduct refers to the behavior and practices of companies in a particular market, including pricing, advertising, and distribution.