What are the key features of the Russian refining and petrochemical industry? While Russia takes a leading position in gas and oil production, the same cannot be said about the processing and petrochemical industry. Russia holds only 2.5% of the global refined products market. In 2019, roughly only 11% of gas and 50% of oil … Read more

“Take or pay” and “price review” arrangements are generally agreed for the benefit of both the seller and the buyer, to guarantee a regular income and supply. With market volatility, however, the parties may not agree on their operation or effect. Is a win-win outcome possible when these clauses bite? Rachel Lidgate and James Robson … Read more

Decommissioning was already a ‘hot topic’ before the oil price crash, with an increasing number of assets around the world expected to enter the decommissioning phase in the next few years. In the latest episode of our Navigating the Low Oil Price Environment podcast series Irina Akentjeva and Susan Field discuss how the low oil … Read more

The Court of Appeal has dismissed an appeal against a decision interpreting the provisions of a Farm-Out Agreement for the sale of an interest in two oil production licences: Apache North Sea Limited v (1) Euroil Exploration Limited & (2) Edison S.p.A [2020] EWCA Civ 1397. Herbert Smith Freehills LLP represented the successful defendants/respondents, Euroil … Read more

1. Plastics: a changing landscape Increasing awareness of the environmental impacts caused by human consumption has led to increased societal pressure on governments and industry to modify practices to lessen their impact on the environment. One area this has occurred which is of particular concern to downstream market participants, is single use plastics. According to … Read more

Supply chain difficulties are at the heart of pressures facing many businesses. How does low the oil price create supply chain pressure points, and what is being done and can be done to alleviate them? Our Construction Disputes specialists Craig Shepherd (Partner), Emma Schaafsma (Partner) and Karan Talwar (Associate) discuss how the oil and gas … Read more

What are the potential battle lines between the operator and non-operators in the low oil price environment?  How does the RPO manage competing commercial interests, such as divergence in availability of capital or attitude to decarbonisation?  Do the same considerations apply to sellers under long term contracts who have agreed to operate in accordance with … Read more

At the heart of any upstream oil and gas joint venture is the parties’ agreement to share in the costs of the joint operations to be undertaken. This is enshrined in the “pay now, dispute later” principle which underpins the payment mechanisms and the default procedures set out in joint operating agreements. The next episode … Read more