Ben James

Libya is reputed to hold the ninth largest proven oil reserves in the world (approximately 38% of Africa's total proven crude reserves) [1] making it a key player in the global energy market. Since 2011 however, the country and its energy sector has been in turmoil and there are currently two rival governments struggling for control over Libyan territory and resources. In this article, we highlight the five major legal risks currently facing companies operating in the territory (or indeed outside when handling Libyan crude exports). Disputed sovereignty Most fundamentally, the Libyan civil...

Legal basis The 2013 amendments to Algeria's 2005 Hydrocarbon Law (the " Law ") provided a legislative framework for the exploration and production of unconventional hydrocarbons. In addition to wider changes to the Law designed to revive foreign investment in Algeria's oil and gas sector, the amendments were expected to kick-start exploitation of Algeria's estimated 707tcf and 5.7 billion barrels of technically recoverable shale gas and oil reserves (estimated to be the world's third largest) [1] . The most significant amendment to the Law links taxes on International Oil Companies ( IOCs...

The recent Moni Pulo decision of the Nigerian High Court [1] has changed the settled understanding of when Ministerial consent is required in Nigerian upstream M&A deals. This article considers the consequences of that court decision, the effects seen in recently completed transactions, and the implications when structuring acquisitions/disposals of Nigerian upstream interests. The Moni Pulo decision and its background A typical feature of petroleum legislation across the world is the need for prior governmental consent before any change is made to the identity of the upstream concession...

The Gabonese oil and gas industry shifted into "full steam ahead" mode in 2014. Confronted with over a decade of falling oil production, Gabon has decided to actively engage with the industry that still accounts for 80-90% of its total export earnings. On 4 August, Gabon completed a 13-block offshore licencing round which was launched in 2013 and on 28 August, the long-awaited new Petroleum Code became law. It is also rumoured that a further licensing round will be launched in Q3 of 2015 after the government completes the interpretation of 3D seismic data that is currently being acquired...

Are you a UK company that operates in an EXTRACTIVE INDUSTRY? If so, do any 2 of the following apply to you: You have a balance sheet in excess of £18 million; You have net turnover of over £36 million; or You have more than 250 employees If so, do you make annual payments to any Government of over £86,000? If the answer to the above is YES , then from 1 January 2015 you will most likely be required to comply with the UK's new Transparency Initiative Regulations . Introduction The UK is set to become the first EU member state to transpose the most recent EU directives on accounting and...

With Tanzania in the final stages of evaluating bids for oil and gas blocks offered in its latest bidding round which closed in Q2 2014, it was Mozambique's turn to announce its latest round in London on 23 October. Uganda and Kenya are also expected to embark on fresh licensing next year to complete a busy period for East African block auctions. Country-by-country Tanzania The Tanzania Petroleum Development Corporation (TPDC) recently announced that it was in the final stages of evaluating five bids submitted by CNOOC, RAK Gas, ExxonMobil/Statoil, Mubadala and Gazprom back in May and would...

When bidding in Tanzania's 4 th Offshore Licensing Round was officially closed on 15 May, the Tanzania Petroleum Development Corporation (TPDC) announced bids by CNOOC, RAK Gas, ExxonMobil/Statoil, Mubadala and Gazprom and with other licensing rounds in the region scheduled; there remain opportunities for exploration companies with an eye on the market to secure fresh acreage. Country-by-country Tanzania 4 th licensing round (consisting of seven offshore blocks and the onshore North Lake Tanganyika block) closed on 15 May 2014 with five bids submitted by CNOOC (Block 4/3A), RAK Gas (Lake...