Our oil and gas practice encompasses a diverse and extensive portfolio, spanning some of the most significant deals and projects within the sector. We cover the entire spectrum of activities in upstream, midstream, and downstream oil and gas operations. Our clientele is diverse, including large integrated energy groups, oil and gas majors, independent listed companies, service providers, private equity firms, financial institutions, national oil companies (NOCs), government bodies, and regulatory authorities. Clients turn to us for strategic advice, significant mandates as well as for day-to-day support, where we are being instructed for their innovative or first-of-a kind energy and infrastructure projects, including our role in advising on some of the first LNG projects globally. Within the last decade, we have advised on more ‘big ticket’ oil and gas deals on the European Continental Shelf than any other firm, having worked on more than 25 large (>$1 billion) oil and gas deals within this timeframe.
Acknowledging the necessity to adapt, we are actively assisting our clients in restructuring their operations, refining procedures, and enhancing governance frameworks to navigate the risks associated with the energy transition and climate change. Likewise, we have been at the forefront of addressing climate-related shareholder activism and climate-related litigation within the sector.
In line with emerging trends, our alternative energy practice is experiencing rapid growth, with significant mandates in the realms of hydrogen and carbon capture and storage, reflecting our commitment to driving innovation and sustainability within the oil and gas industry.
We are proud members of esteemed organizations such as the Carbon Capture and Storage Association, Hydrogen UK, and the Westminster Energy Forum. Additionally, our involvement in the City of London Law Society Energy Law Committee underscores our commitment to industry leadership and advocacy.
Key experience
BlackRock
We advised BlackRock’s Global Energy & Power Infrastructure Fund III on its participation in a global consortium led by BlackRock Real Assets (“BlackRock”) and Hassana Investment Company (“Hassana”), the investment management arm of the General Organization for Social Insurance (GOSI) in Saudi Arabia, to purchase an equity stake in Aramco Gas Pipelines Company for $15.5 billion as part of a lease and leaseback deal relating to the gas pipeline network of the Saudi Arabian Oil Company (“Aramco”).
Capricorn Energy
We advised Capricorn Energy PLC on its proposed combination with NewMed Energy Limited Partnership, creating a MENA gas and energy champion and one of the largest upstream energy independents listed in London. We also advised Capricorn on its recommended all-share combination with Tullow Oil PLC (Tullow).
Centrica
We advised Centrica plc and its 69% subsidiary, Spirit Energy, on the sale of Spirit Energy’s entire portfolio of Norwegian oil and gas assets and the Statfjord field in two linked transactions for headline consideration of $1.076 billion plus a deferred commodity price linked contingent payment. The transaction represented a significant step towards Centrica delivering on its strategy to decarbonise its portfolio and reduce its exposure to oil and gas exploration and production, and will result in a 92% reduction in Spirit Energy’s oil and liquids reserves and a 38% reduction in its gas reserves.
INEOS
We advised INEOS on the acquisition of BP’s global Petrochemicals business for US$5 billion, and on related financing arrangements. The Petrochemicals business comprises BP’s global Acetyls and Aromatics business and related licensing activities. We also advised INEOS on three landmark joint ventures with SINOPEC for an aggregate value of US$7billion.
Kosmos Energy
We advised Kosmos Energy on its US$1.6 billion reserves-based facility, which represents Africa’s largest reserves-based financing. The facility supports further development of the Jubilee Field located offshore Ghana, the Greater Tortue development offshore Mauritania and Senegal, and assets located offshore Equatorial Guinea. In relation to many of these projects, we also advised Kosmos Energy on aspects of project acquisition, development and disposal. We also advised Kosmos Energy Ltd on its acquisition of Anadarko WCTP Company from Anadarko Offshore Holding Company LLC, a subsidiary of Occidental Petroleum Corp.
Premier Oil
We advised Premier Oil on its all share merger with Chrysaor and the reorganisation of Premier’s existing debt, with shares being admitted to trading under the new name of Harbour Energy plc. Harbour Energy is now the largest independent oil and gas company listed on the London Stock Exchange.
Shell plc
We acted for Shell PLC and its Board of Directors in respect of a derivative action brought by ClientEarth, a minority shareholder, based on allegations of breaches of directors’ duties in respect of the Board’s management of Shell’s climate change related risks and response.
