CMS publishes an Annual review of developments in English oil and gas law
2014-2015 has been an interesting period of developments in English law which have a direct impact on the oil and gas industry. This year, the CMS oil & gas team has been advising on a range of high-profile transactions and disputes, arising in the context of falling oil prices and general instability in markets across the globe.
As a result, our team put together an Annual Review that has a direct focus on legal developments impacting companies in the oil and gas industry. We begin with looking at recent judgments concerning joint operating agreements and third party access agreements, including the right of an operator to be paid for costs incurred without consent and the enforceability of forfeiture clauses, before reviewing recent decisions concerning European gas pricing and competition issues and the exercise of contractual termination rights of the type common in oil and gas contracts.
We also look at a number of recent cases relating to ‘Consequential Loss’ clauses, and how English law continues to construe such clauses very narrowly.
Finally, we look at a number of recent judgments that are relevant to the prevailing unstable market conditions, including a number of cases relating to M&A negotiations and transactions and the exercise of force majeure rights in hydrocarbons sales agreements.
To read the full report, please click the link.