Energy analysis: On 8 October 2024, the North Sea Transition Authority (NSTA) released updated guidance for the assignment of offshore petroleum production licences in the UK Continental Shelf (UKCS) (the Guidance). Publication of the Guidance followed a consultation launched on 28 March 2023 inviting industry feedback from licensees, infrastructure owners and potential future investors. The aim of the Guidance is to streamline the period between signing and completion of M&A transactions in the UKCS, reducing potentially costly delays and improving deal certainty, while assisting in the development of a stable regulatory system which encourages investment in both oil and gas and energy transition projects in the UKCS. As background to the Guidance, the NSTA recognises the role M&A plays in the UKCS, which includes the need for ‘new capital, new ideas and new vigour’ to support the central obligation of the ‘OGA Strategy’, to maximise economic recovery of petroleum while assisting the Secretary of State in meeting the net zero target.
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Maritime contracts in the offshore oil & gas industry—an introductionOverviewVessels are used extensively in the offshore oil & gas sector. Types of vessels typically include platform supply/offshore utility vessels, safety vessels, cable laying ships and ice breakers, supply vessels, drill ships
Gas sales agreement—key clausesTypes of gas sales agreements (GSAs)Contracts for the sale of gas may take several forms, including:•term agreements—which provide for the sale and purchase of gas for a defined period and are generally classified as either short-term (one to five years) or long-term
Knock-for-knock indemnities: risk allocation in offshore energy contractsWhat are knock-for-knock indemnities?A knock-for-knock clause is a reciprocal agreement to apportion liability for certain losses (usually, death or injury to personnel and damage to property) between contracting parties,
LNG sale and purchase agreementsTypes of LNG sale and purchase agreementsLiquefied natural gas (LNG) is commonly traded as a portfolio commodity, in which a participant may break up several long-term sales agreements into short-term transactions to optimise transport costs and balance supply
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