News & Analysis as of

Exploration and Production Sharing Contract

Foley & Lardner LLP

The Austin Court of Appeals Determines that PSA Wells Do Not Require Pooling Authority

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Horizontal drilling in the last decade materially altered oil and gas production in Texas. Horizontal wells allow producers to unlock vast mineral resources otherwise inaccessible to traditional vertical drilling. Commentors...more

Opportune LLP

Oil & Gas Companies Continued To Hedge Before Price Spikes

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Hedging remains a mainstay activity for many oil and gas producers to protect cash flows and manage operating budgets. However, these hedge programs and coverage levels were in place before price increases that occurred in...more

Vinson & Elkins LLP

The Iraqi Federal Supreme Court in Case 59/Federal/2012 Rules that the Kurdistan Regional Government (KRG)’s 2007 Oil and Gas Law...

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In 2007, the Kurdistan Regional Government (the “KRG”) enacted Oil and Gas Law No. 22 of 2007 (the “KRG Oil and Gas Law”). The Federal Government of Iraq (the “FGI”) had initially rejected the draft law, but the regional...more

BakerHostetler

Fifth Circuit Opinion: Common ‘Knock-for-Knock' Indemnity Agreements May Not Limit Exposure as Parties Intended

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The Fifth Circuit’s opinion in Cimarex Energy Company, et al. v. CP Well Testing, L.L.C. will require oil and gas companies throughout the oil patch to review their form contracts, preexisting agreements and liability...more

Opportune LLP

6 Key Considerations E&P Companies Should Address Navigating Low-Oil Price Environment

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Find out what E&P companies need to know as they navigate through the impact of a negative and/or depressed oil and gas commodity pricing environment....more

King & Spalding

Rekindling the Flame: Oil & Gas Securitizations

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A number of recent structurings of investment-grade rated securitizations of oil and gas wells are sparking conversations in the U.S. upstream oil and gas industry about this relatively new structured finance product....more

Holland & Knight LLP

Mexico Oil and Gas Update: The Potential Unitization of Block 7

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Reports issued in the past week state that Pemex, Mexico's national oil company, seeks operational control of Talos Energy's Block 7 oil and gas exploration area, located in shallow waters off the coast of the State of...more

Morgan Lewis

Bénin Adopts New Petroleum Code in Emerging West Africa Oil and Gas Frontier

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Bénin recently adopted a new petroleum code, making the country one of the latest frontier countries in the West Africa oil and gas industry to update its petroleum law. The code provides for a production sharing contract...more

A&O Shearman

Act of State doctrine applies in arbitration

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The foreign Act of State doctrine applies to arbitration just as it applies to litigation before the English courts, according to Popplewell J, in the first English law authority on the point. The dispute arose under two oil...more

Bennett Jones LLP

Oil & Gas Exploration and Production Initial Public Offering Checklist

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Canada’s world leading oil and gas capital markets offer a wealth of opportunity, with their access to local and global natural resources, finance opportunities for companies at all stages, and sophisticated technical...more

Akin Gump Strauss Hauer & Feld LLP

Mexico's Energy Industry Round 2 Farmouts: PEMEX finds new partners

• Mexico’s second farmout bid round to find partners for PEMEX oil and gas development yielded mixed results, with 2 onshore licenses awarded and 1 shallow water PSC vacated with no bids • Egyptian company Cheiron...more

WilmerHale

Brazil's Developing Gas Marketing: Opportunities for Arbitration

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Historically, natural gas did not play a significant role in Brazil’s energy mix, never exceeding 4% of Brazil’s primary energy supply until the late 1990s. Today, natural gas accounts for 12% of Brazil’s primary energy...more

Orrick, Herrington & Sutcliffe LLP

Transformation des secteurs pétrolier et gazier au Sénégal

Alors que les groupes pétroliers et gaziers s’intéressent au Sénégal depuis plus de soixante ans, ce n’est que depuis trois ans que le pays s’est révélé constituer un bassin d’hydrocarbures de classe mondiale. En 2014, Cairn...more

A&O Shearman

Oil & Gas Sector in Mexico: Comisión Nacional de Hidrocarburos Announces Petróleos Mexicanos Invitation to Bid for Ayín-Batsil...

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On March 7, 2017, the Mexican government, through the Comisión Nacional de Hidrocarburos (National Hydrocarbons Commission or “CNH”), commenced an international tender process to grant the right to enter into a production...more

Orrick, Herrington & Sutcliffe LLP

Transformation in Senegal's Oil and Gas Sector

Senegal has interested oil and gas companies for over 60 years, but it is only in the last three years that the country has come to the fore as a potential world-class hydrocarbon basin. In 2014, Cairn Energy plc and its...more

King & Spalding

Meaning of “Commencement of Drilling”: Summary of Vitol E & P Limited v Africa Oil and Gas Corporation [2016] EWHC 1677 (Comm)

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Introduction - In a dispute arising in connection with a sale and purchase agreement for an interest under a Production Sharing Contract in the Congo, an English court (the Queen's Bench Division of the High Court of...more

King & Spalding

Midstream Contracts Remain in Doubt in Bankruptcy

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By now, both producers and midstream companies are aware of the Bankruptcy Court decisions in the Sabine bankruptcy proceedings (i) rejecting the gas gathering agreements as executory contracts and (ii) determining that the...more

Spilman Thomas & Battle, PLLC

The Shale Bankruptcy Boom Moves Midstream

The shale boom has given rise to another, less welcome boom: the bankruptcy boom. Thirty-five exploration and production (“E&P”) companies sought bankruptcy protection between July 1, 2014, and December 31, 2015, and this...more

Spilman Thomas & Battle, PLLC

The Shale Play Today - Second Quarter 2016

In This Issue: A National Energy Plan: Should We Have One? Do We Have One? If So, Is It Working? Before ultimately answering the questions posed in the title above on a National Energy Plan, in full disclosure it...more

Akin Gump Strauss Hauer & Feld LLP

Preparing for a Joint Venture Partner’s Bankruptcy

With the extended collapse in energy prices, many exploration and production (E&P) producers are now focused on not only adjusting their own drilling activities, but also on carefully assessing their partners’ financial...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Recent Case Highlights Opportunity for Distressed Exploration and Production Companies"

On March 8, 2016, a bankruptcy court in the Southern District of New York issued a much-anticipated decision, In re Sabine Oil & Gas Corporation, that will undoubtedly influence the reorganization strategies of certain...more

K&L Gates LLP

Below $30 - Disputes in a Low Oil Price World

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The news that crude prices fell below $30 per barrel - the lowest in 10 years - was not greeted with shock but by predictions that they might continue to fall and would stay low for some time. Any attempt to predict the...more

McGuireWoods LLP

Pennsylvania Superior Court: Separate Consideration for Operated and Unoperated Acres Does Not Render an Oil and Gas Lease...

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The recent boom in natural gas production in the Appalachian Basin has led to a concomitant boom in litigation, as landowners who are lessors in long-standing oil and gas leases seek declarations that the leases are no longer...more

King & Spalding

Pemex Requests E&P Areas from SENER

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On March 21, 2014 Petróleos Mexicanos (Pemex) submitted its round zero proposal to the Secretaría de Energía (SENER), Mexico’s department of energy. Although the details of the proposal are not yet public, SENER has indicated...more

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