Upstream Definition

GLOSSARY

Published by a ��Ӱ�� Energy expert

What does Upstream mean?

The ‘upstream’ segment of the oil and gas industry loosely encompasses exploration and production (E&P) activities related to searching for, recovering and producing natural gas and crude oil.

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Contractor steps to take if employer becomes insolvent—checklist

Contractor steps to take if employer becomes insolvent—checklist This Checklist sets out a number of practical steps that a contractor should consider taking where the employer becomes insolvent during a construction project. This Checklist assumes that the employer has entered into a written contract with a main contractor for construction works which are not yet complete, and that the contractor has engaged sub-contractors. It assumes that it is not a PFI project. The actions to be taken in any specific situation will of course depend on the terms of the contract(s) between the parties and the status of the works at the time of the employer's insolvency, but this Checklist is intended to provide a starting point for the contractor to consider. For guidance on how to spot potential problems with solvency and how to protect the contractor’s position at the outset of a project, see Practice Note: Construction insolvency—how to spot problems and how to protect yourself—contractors. In the event that the employer has become insolvent, the contractor needs...

EU and global sustainable finance and ESG—timeline

EU and global sustainable finance and ESG—timeline This timeline outlines the key developments relating to sustainable finance and environmental, social and governance (ESG) in the financial sector (and associated requirements, such as disclosures, transition plans) from an EU and international perspective. Sustainable finance and ESG (including climate change) issues relate to the integration of ESG factors, risks and preferences in financial products and services, as well as in investment, financing and business decisions, operations and risk management. For information on the Commission’s Sustainable finance action plan, see Practice Note: Climate change and sustainability issues for the EU financial sector. For information on UK and International developments, see Overview: Sustainable finance and ESG—overview. For information on EU, international and UK developments in Sustainable finance and ESG before 2021, see Checklist: Sustainable finance and ESG—timeline 2016–2021 [Archived]. 2024 Date Source Document Description 14 May 2024 European Securities and Markets Authority ESMA guidelines establish harmonised criteria for use of ESG and sustainability terms in fund namesFinal report The European Securities and Markets...

Environment cases tracker 2019 [Archived]

Environment cases tracker 2019 [Archived] ARCHIVED: This Environment cases tracker has been archived and is not maintained. This Environment cases tracker tool displays key decisions and appeal updates of interest to Environment lawyers from 1 January 2019. The tracker is divided into: • the Upper Tribunal • the High Court of England and Wales • the Court of Appeal • the UK Supreme Court • the Judicial Committee of the Privy Council • the General Court of the European Union • the Court of Justice of the European Union Judgments and appeal updates can be found in the court where the most recent judgment was handed down. Cases are displayed in reverse chronological order with the most recent first. For information on key decisions and appeal updates of cases where judgment was handed down in 2020, see: Environment cases tracker 2020. For information on previous key decisions and appeal updates, see: • Environment cases tracker 2018 [Archived] • Environment cases tracker 2017 [Archived] • Environment...

Sub-contracts—stepping down a building contract

Sub-contracts—stepping down a building contract This Practice Note looks at the process of producing a construction sub-contract, often referred to as ‘stepping down’ a building contract. It looks at key considerations in the process of producing a ‘step down’ (also sometimes called a ‘flow down’), including some potential pitfalls to avoid and some particular issues that need to be considered/addressed. The majority of the industry standard form building contracts publish accompanying sub-contracts, however, where the employer and contractor have entered into a bespoke building contract, a form of sub-contract must be prepared from scratch to align with the building contract. When the building contract is stepped down, the contractor’s rights and obligations under the building contract are passed on to the sub-contractor so that the contractor’s obligations under the building contract become—to the extent relevant and with appropriate adjustment—the sub-contractor’s obligations under the sub-contract. This enables the contractor to fulfil its obligations at building contract level through the performance of the sub-contractor under the sub-contract. For more about sub-contracts in...

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Supply Chain Emissions Scorecard (The Chancery Lane Project)

Supply Chain Emissions Scorecard (The Chancery Lane Project) This Precedent is a Supply Chain Emissions Scorecard for use in commercial negotiations, to position sustainability performance as a collaborative effort between the parties, increase the transparency of a supplier’s climate action through a robust reporting framework and give contracting parties the opportunity to precisely quantify where they are in meeting their sustainability requirements. These sustainability clauses were produced by The Chancery Lane Project (TCLP) as ‘Supply Chain Emissions Scorecard’ and are reproduced with permission (and with some minor editorial changes). TCLP is the code name for the focused and collaborative effort of lawyers from around the world to develop new contracts and model laws to help fight climate change. For more information, see: chancerylaneproject.org. ��Ӱ��® is proud to support the work of TCLP. 1 Additional clause [Company specific – indicative drafting] ‘The pricing mechanisms referred to in clauses [insert clause number] will take effect on the [Effective Date], being the date by which the [main party] receives the Scorecard...

Part 26A restructuring plan Practice Statement Letter (PSL)

Part 26A restructuring plan Practice Statement Letter (PSL) IMPORTANT NOTICE FROM [insert name of Company] THIS LETTER REQUIRES YOUR IMMEDIATE AND URGENT ATTENTION. IT CONCERNS A RESTRUCTURING PLAN PROPOSED BY [insert name of Company] PURSUANT TO PART 26A OF THE COMPANIES ACT 2006 WHICH MAY AFFECT YOUR LEGAL RIGHTS AND ENTITLEMENTS AND YOU MAY THEREFORE WISH TO TAKE APPROPRIATE LEGAL AND OTHER PROFESSIONAL ADVICE ON ITS CONTENTS. THE PROPOSED RESTRUCTURING PLAN APPLICATION WILL BE CONSIDERED BY THE HIGH COURT OF ENGLAND AND WALES AT A CONVENING HEARING WHICH IS EXPECTED TO TAKE PLACE ON [insert date of convening hearing] IN, [insert location eg London] UNITED KINGDOM. SPECIFIC DETAILS OF THE CONVENING HEARING (INCLUDING CONFIRMATION OF THE TIME) WILL BE PROVIDED TO ALL CREDITORS/MEMBERS (AS DEFINED BELOW) BY A SEPARATE NOTICE IN ADVANCE OF THE CONVENING HEARING. [CREDITORS/MEMBERS WILL ALSO BE ABLE TO ACCESS AND DOWNLOAD THE NOTICE AT THE FOLLOWING WEBSITE: [insert website details].] YOU ARE BEING CONTACTED AS [insert Company name] BELIEVES YOU ARE A...

Dive into our 4 Precedents related to Upstream

In what circumstances do I really need to worry about commercial (or corporate) benefit?

In what circumstances do I really need to worry about commercial (or corporate) benefit? This Q&A explains when it is necessary to analyse whether an obligor in a banking transaction is receiving a commercial benefit (also called a corporate benefit) for participating in the transaction and why that might be important. For an explanation of how this matter arises in connection with guarantees which is the most common context in which the issue of commercial benefit arises in finance transactions, see Practice Note: Guarantees—commercial benefit. Summary Assessing whether an obligor in a finance transaction is receiving a commercial benefit is necessary where guarantees, third-party security or some other form of co-payment obligation is imposed on a party and that party is not the recipient of any funds being advanced either directly or indirectly eg by way of the borrower on-lending the money advanced to it. A lack of commercial benefit can invalidate a transaction or lead to it being challenged by shareholders or an insolvency officeholder. Consequences of...

What can a landowner practically do in the case where they are sued for damages for flooding, but the cause of the flooding occurs further upstream? Is there a defence if the defendant has not taken steps to clear his section of the watercourse in the knowledge that this will not resolve the long term issues?

What can a landowner practically do in the case where they are sued for damages for flooding, but the cause of the flooding occurs further upstream? Is there a defence if the defendant has not taken steps to clear his section of the watercourse in the knowledge that this will not resolve the long term issues? There are a number of causes of action that can arise where flooding occurs from adjoining land, though principally these are likely to be in negligence and/or nuisance. Flooding can cause significant damage and therefore loss, and a landowner is generally under a measured duty of care to take reasonable steps to protect a neighbour from flooding: Leakey v National Trust. However claimants must establish causation in order to succeed, which will usually require expert evidence. In Green v Lord Somerleyton, the Court of Appeal considered the application of Leakey and confirmed that it applied to naturally flowing water such as a stream. A landowner can be found to be liable...

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Energy weekly highlights—17 October 2024

This week's edition of Energy weekly highlights includes: a News Analysis on the South Lakeland case concerning the lawful approach to environmental impact assessments (EIAs) and ‘substitution’ arguments in the context of fossil fuel developments, following the Supreme Court’s decision in Finch. In addition, this week, the Department for Energy Security and Net Zero (DESNZ) published the responses to its consultations on designing a policy framework for investment in long duration electricity storage (LDES) and updates to the 2009 Carbon Capture Readiness (CCR) requirements, as well as launching a consultation and call for evidence on the Capacity Market (CM).

Environmental enforcement round up — 15 October 2024

A round-up of the latest environmental enforcement, including distillery and construction company penalised.

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