In This Issue:

TRANSACTIONAL

Transactions

The Top 10 Issues Facing the LNG Industry in 2012

Philip Weems, Matt Salo

With numerous technological, commercial, and geopolitical factors influencing a global LNG market in flux, the LNG industry surely will grapple with these top ten issues in 2012.

Corporate / London

M&A: The Importance of Bribery and Corruption Due Diligence - A UK Perspective

Hywel Jones

With M&A activity in the energy sector still buoyant, particularly in developing economies, the need for effective and risk sensitive diligence into potential bribery and corruption by target entities is becoming more important than ever.

DISPUTE RESOLUTION

Business Litigation

Shell Oil Co. v. Ross: Texas Supreme Court Opinion on the Statute of Limitations Favors Operators over Royalty Owners

Brannon Robertson

The Texas Supreme Court’s latest decision on the statute of limitations and fraudulent concealment exception favors operators over royalty owners, but the decision creates potential pitfalls for oil & gas companies as well.

REGULATORY

FERC

FERC Staff Proposes Process for Advising EPA on Requests for MATS Compliance Extensions

Neil L. Levy, David G. Tewksbury, Stephanie S. Lim

An electric generator requesting an extension under EPA’s policy memorandum wouldbe required to file the same information with FERC for review. FERC staff would thensubmit written comments on each request to the EPA.

Environmental / D.C. Regulatory

Drilling Out the Weak Spots in Auditor Requirements

Stephanie Salek, Jonathan Henry, Kelsey Desloover

Proposed changes to BSEE’s safety and environmental management systems (SEMS) rule would eliminate program audits by operators’ employees and impose stringent requirements on who may qualify as an independent third-party auditor.

Government Relations

Political Concerns Over U.S. Shift to LNG Exporter

Thomas J. Spulak, Allison F. Kassir

Some in Congress question whether attempts to convert LNG import terminals toexport terminals may result in negative economic and environmental consequences tothe U.S.

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