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Oil and Gas in Iran – Do the easing of sanctions and introduction of new petroleum contracts herald a new era?

Posted by and co-authored by James Rudge on Mar 28, 2014 in Exploration and Production, Litigation and Contracts, Middle East | 0 comments

Oil and Gas in Iran – Do the easing of sanctions and introduction of new petroleum contracts herald a new era?

With the world’s fourth largest proven oil reserves and reportedly the world’s largest natural gas reserves, there is no doubting the significance of the thawing of relations between Iran and the West.  As well as bringing much needed foreign currency to Tehran, these changes present a real opportunity for Western oil and gas companies. From 20 January 2014 the terms of a Joint Plan of Action (“JPA”) were implemented, agreed between Iran and the five permanent members of the UN Security Council plus Germany. This agreement allowed for the suspension of many sanctions in relation to Iran’s petrochemical exports and associated services in...

Is FLNG becoming mainstream?

Posted by and co-authored by Edward Hamilton on Feb 6, 2014 in Exploration and Production, General | 0 comments

Is FLNG becoming mainstream?

In our previous post “Floating Liquefied Natural Gas – the next phase in offshore energy technology?” we explored the demand for and the challenges facing the introduction of Floating Liquefied Natural Gas (“FLNG”) technology. In this follow up we will provide an update on recent developments in the sector and explore the reasons for the recent flurry of interest in FLNG projects. In September 2013 Woodside Petroleum Limited announced that it intends to use three FLNG vessels to access the substantial natural gas reserves of the Browse Joint Venture fields which lie in the Indian Ocean, 425km north of Broome, Western Australia. Prior to the...

A place for international arbitration in assessing and enforcing pollution liability?

Posted by on Feb 3, 2014 in Environment and Pollution, Exploration and Production, General | 0 comments

A place for international arbitration in assessing and enforcing pollution liability?

A jurisdiction can have, on paper, the most sophisticated liability regime in the world. There are plenty of precedents available to create such a regime. However, if, in reality, what happens is that a governmental or public body picks an astronomical figure out of the air and declaims its determination to recover that amount when either there is no reasonable, scientifically justifiable basis for that figure or the oil company knows that it is just a ‘try-on’ and will be able to do some back-room deal for a fraction of that amount, or the claim is essentially dropped by the next person to take charge of the case a few months later, this all breeds contempt...

What makes an effective pollution liability regime?

Posted by on Feb 3, 2014 in Environment and Pollution, Exploration and Production, General | 0 comments

What makes an effective pollution liability regime?

Most jurisdictions have reasonably well developed laws on the recovery of property damage and property damage related economic loss. This is essentially tort law, a body of which each relevant jurisdiction has. The US OPA goes beyond that by imposing strict liability (subject to very limited defences) and dispensing with the requirement that the party claiming economic loss must show that the loss flows from property in which he has a proprietary interest. Nevertheless, the claimant still needs to show that his economic loss has been caused by property damage (owned by him or not). However, it is not axiomatic that economic loss entirely decoupled from property damage...

Myanmar’s untapped oil and gas potential

Posted by on Dec 5, 2013 in East Asia and Pacific, Exploration and Production, General | 0 comments

Myanmar’s untapped oil and gas potential

As Myanmar opens up to the outside world, after five decades of military rule, foreign investors are showing interest in the country’s untapped potential.  Some of this focus naturally falls on Myanmar’s oil and gas reserves.  The country’s proven natural gas reserves are worth about US$ 75 billion and represent 1.9% of known deposits in the Asia-Pacific region. Myanmar (or Burma as it was once known) is actually one of the world’s oldest oil producers with exports being made as early as 1853 and foreign investment following, enabling sizeable fields to be developed in the early 1900s.  However, in 1962, the country came under a military rule...

Typhoon Haiyan – paving the way for insurance penetration in the developing world

Posted by and co-authored by Francesca Corns on Dec 4, 2013 in East Asia and Pacific, Environment and Pollution, Exploration and Production, General, Insurance | 0 comments

Typhoon Haiyan – paving the way for insurance penetration in the developing world

Typhoon Haiyan hit the Philippines with such ferocity on 8 November 2013 that it has been described as one of the most powerful in modern record-keeping. The number of human fatalities and the extent of the economic and insured losses still remains speculation, although the death toll currently stands at 5,000.  The Typhoon destroyed many residential and commercial buildings, flattened an airport, and is likely to keep the region’s ports and transport infrastructure disrupted for some time, meaning that restoration of production and exportation will be limited. Remarkably, in comparison, Typhoon Haiyan caused minimal damage and disruption to the offshore energy...

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