Oil -&-Gas ---Financing -upstream _preview

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From the conventional to the alternative:

Financing Upstream - Oil and Gas

 

Fieldfisher has advised companies in the oil and gas sector for over 50 years, and has built a team of experience lawyers who understand the issues, challenges and opportunities the industry encounters on a daily basis. A number of our team have worked in-house and with regulators and are members of energy sector trade bodies. Drawing upon the experience of our lawyers, we deliver greater added value to the legal service we provide to national and independent oil and gas companies, the support service industry as well as lenders and other financial institutions. 

Through our network of European and international offices, supported where necessary by associated firms with whom we have developed close ties, we are able to advise clients in real time where ever they are conducting business. We have one of the largest CIS focussed legal teams in London, comprised of native CIS nationals, each of whom are dual qualified in England and many of the CIS countries.

We are experienced across the full oil and gas value chain and regularly advise companies on:

  • New country entry and licence and concession applications
  • Joint venture arrangements including AMI, joint bidding, unitization and joint operating agreements
  • Asset acquisitions and disposals including asset swaps and farm-in and farm-out arrangements
  • Exploration programme activity including seismic acquisition and processing, drilling and data sharing arrangements 
  • Development programme activity including pre-FEED and post FEED arrangements; engineering, procurement, installation and construction agreements
  • Production programme activity including processing and refining, transportation, storage (including FPSO/FSU) and offtake arrangements for gas, liquids and LNG
  • Decommissioning arrangements
  • Marketing and distribution
  • Support service agreements for the above

We also advise companies in relation to their equity and debt financings, IPOs, mergers and acquisitions and group and debt restructuring.

 

Notable deals / highlights

  • Acted for Veritas Geophysical Limited, a subsidiary of CGG group, on its sale to Chrysaor Limited of 100% of UK seaward petroleum licence P.2146 (Block 8/23) containing the Dothraki prospect. Chrysaor will pay Veritas US$25 million on the earlier to occur of the Secretary of State approving the first field development plan for the Dothraki prospect and Chrysaor disposing of any interest in the licence.
  • Advised AIM quoted Trap Oil Group plc on the acquisition of Jersey Oil & Gas E&P Limited, a contemporaneous placing to raise £0.82 million, share capital reorganisation and change of name to Jersey Oil and Gas plc.
  • Advised AIM quoted Independent Oil & Gas plc on secured loan facilities of £15.6 million from GE Oil and Gas UK Limited and London Oil and Gas Limited.  The facilities are to be used to fund further acquisitions, to drill an appraisal well at the company's Skipper oil discovery in Block 9/21a in the Northern North Sea and for general working capital purposes.
  • Advised AIM quoted Gulfsands Petroleum plc on an open offer to raise US$22 million and waiver of Rule 9 of the City Code by way of whitewash to permit a concert party to underwrite the open offer.
  • Advised JSC KazMunaiGas Exploration Production, one of the largest oil and gas producers in Kazakhstan, on a number of transactions including the acquisition of a 50% interest in Mangistau Investments for $330m with associated debt of $1.3 billion from the China Export-Import Bank, and the sale of its 49% indirect interest in JSC Karpovskiy Severniy, holder of an oil and gas exploration license in Kazakhstan, to MOL.
  • Advised BP on the sale of its interest in and operatorship of the property and infrastructure assets at Wytch Farm, Dorset to Perenco, the largest onshore oil-field in Western Europe. This involved the sale and transfer of onshore well sites and processing terminals, dealing with onshore and offshore pipeline assets, dealing with third party and regulatory consents and planning and environmental issues.
  • Advised E.ON in relation to an underground gas storage facility in East Yorkshire, including extensive site assembly issues, planning agreement and consents for offshore and onshore pipelines.
  • Advised BP on the divestment of its southern North Sea gas assets, including advising on the property, planning and environmental aspects of an agreement for the sale and transfer of the property, onshore and offshore pipelines and infrastructure portfolio relating to the gas storage and processing terminals at Dimlington and Easington in the East Riding of Yorkshire (including the Dimlington to Easington Condensate Pipeline) to Perenco UK.
  • Acted for a listed client in respect of two joint ventures for two gas storage projects within the UK.
  • Advised the British Pipelines Agency (as agents for other fuel operators) in respect of its over 1000km of managed fuel pipelines in the UK supplying key hubs such as Heathrow and Gatwick Airports and transporting fuels to and from reception and processing facilities across the UK. Advising on pipeline diversions on a rolling basis across the entire network.

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