Corporate oil and gas transactions

Corporate oil and gas transactions guidance:

Governments permit companies to explore for and produce hydrocarbons (crude oil and natural gas) within a defined area under the terms of a concession. The concession...

Practice Note

Role of oil service agreements in a petroleum project A typical oil and gas project can be divided into four key stages: • exploration/appraisal—when a company will look...

Practice Note

The Decommissioning Relief Deed (DRD) is a contract between the UK government and a 'Qualifying Company' which operates in the oil and gas exploration and production...

Practice Note

Oil and gas decommissioning is usually undertaken by the designated operator of the licence (for an on behalf of its coventurers), therefore it is important to make sure...

Practice Note

Due diligence In common with mergers and acquisitions (M&A) transactions generally, prior to executing an acquisition in the context of the oil and gas sector, a buyer...

Practice Note

Scope A farm-out is, in effect, a mechanism pursuant to which the owner of a participating interest in certain oil and gas assets (the Farmor) agrees to divest a...

Practice Note

Types of gas sales agreements (GSAs) Contracts for the sale of gas may take several forms, including: • term agreements—which provide for the sale and purchase of gas for...

Practice Note

Introduction to common participants in the market The oil and gas industry is a significant contributor to the UK economy: • it supports around 375,000 jobs (both...

Practice Note

The joint operating agreement (JOA) has a number of key commercial provisions. Scope The scope of the JOA is, generally speaking, to 'establish the respective rights and...

Practice Note

The principal forum for the battle of wills between the operator and the non-operating parties is the operating committee (OpCom) (at least where a joint operating...

Practice Note

Scope The joint study and bid agreement (JSBA) is a contractual arrangement commonly used in the international oil and gas industry, where multiple parties wish to...

Practice Note

What are knock-for-knock indemnities? A knock-for-knock clause is a reciprocal agreement to apportion liability for certain losses (usually, death or injury to personnel...

Practice Note

Types of LNG sale and purchase agreements Liquefied natural gas (LNG) is commonly traded as a portfolio commodity, in which a participant may break up several long-term...

Practice Note

While an LNG project must consider, in varying degrees, all aspects of the LNG value chain, this Practice Note focuses on the components that differ from other...

Practice Note

Joint ventures It is very common for an oil and gas project to be structured as a joint venture (JV), particularly so in relation to upstream projects. This is due to a...

Practice Note

What are petrol filling stations? Filling stations traditionally sell petrol, diesel fuel and paraffin that are usually stored in underground tanks of varying capacity....

Practice Note

Introduction A production sharing contract (PSC) is a contractual relationship between a host government and a private sector participant (‘investor’) whereby the...

Practice Note

Introduction During the due diligence exercise, any issue raising concerns will be flagged up in the due diligence reports of the relevant team (legal, technical,...

Practice Note

1. First principles In the simplest case, a state will grant a concession granting the right to explore for and to produce petroleum to a single company, acting as the...

Practice Note

The Master Deed is the standardised process used in the oil and gas industry on the United Kingdom Continental Shelf (UKCS) to formalise asset transfers. It is a...

Practice Note

Introduction When transporting petroleum through a pipeline, there are two options available to the owner of the petroleum: • build and own a dedicated pipeline from the...

Practice Note

Pipeline Transportation on the United Kingdom Continental Shelf (UKCS) consists of several key pipelines that are owned and operated by separate and distinct joint...

Practice Note

The purpose and scope of petroleum agreements In order for a private sector participant (the ‘investor’) to carry out oil and gas exploration and production (‘E&P’)...

Practice Note
Trending Topics
Scottish Law In-House COVID-19