Evelyn Partners’ Post

The ongoing legal dispute between ORYX Energies and Oilcom highlights the importance of adherent and clear T&C within an agreement. At the heart of the conflict lies in; 1️⃣ 2016 transport agreement where ORYX committed to using Oilcom’s fleet for 80% of its oil transit within Tanzania. 2️⃣ All Petro stations owned by Oilcom to be developed and run by ORYX. 3️⃣ 40% of ORYX imported oil will be stored by Oilcom tankers/Depot. Oilcom claims breach of contract, leading to a staggering arbitration award of 𝐔𝐒𝐃 𝟏𝟕𝟕,𝟏𝟗𝟎,𝟐𝟒𝟑.𝟏𝟗. However, concerns have been raised about the inflated claims, unclear financial transparency, and potential conflicts of interest in the arbitration process. This case is a wake-up call for businesses and stakeholders to prioritize clarity in contracts, integrity in financial dealings, and fairness in resolving disputes. --------------------------------------- T&C = Terms and conditions.

In a dispute arising out of unpaid sums relating to sale contracts for gasoil, the Court has discharged an interim worldwide freezing order because it decided that there was no real risk of dissipation of assets. In their article, Alexander Freeman, Anastasia Alexaki and Reema Shour discuss the decision, which makes it clear that unsatisfactory or even dishonest behaviour on the part of a defendant is not of itself sufficient to establish real risk of dissipation. Learn more: https://lnkd.in/eCg78VJy #DisputeResolution #Commodities #Gasoil

Domestic U.S. oil under attack again by the U.S. federal government. ========================== "In June 2023, the Bureau of Ocean Energy Management proposed a rule that would require stricter financial assurance standards for oil companies operating in the Outer Continental Shelf. This costly rule became final on April 15, 2024, but in the 10 months since its initial proposal, BOEM did nothing to alleviate concerns for smaller companies that comprise of 76 percent of oil and gas operators in the Gulf. As a result, many of these companies could be forced out of business by extreme and unnecessary costs from this rule. The situation threatens an estimated 36,000 jobs, more than $570 million in federal government royalties, and $9.9 billion from our GDP. ..." https://lnkd.in/gtKdiPAz

If you and your organisation have ever raised or provided finance utilising a Competent Persons Report (CPR), or assessed your financial investment against a CPR, the chances are that you will have worked with the Society of Petroleum Engineer’s (SPE) Petroleum Resource Management System (PRMS). RPS have been trusted CPR providers since 2003, during which time we have observed some common mistakes and misunderstandings around the PRMS. Periodically, the PRMS guidance is up-dated by the SPE’s Oil and Gas Reserves Committee (OGRC). The OGRC has now embarked on the process of updating the PRMS and is seeking industry input regarding proposed changes to the existing document. During our briefing on Wednesday 22nd May, we will discuss the current PRMS, our observations on particular issues we have identified during our extensive use of the current framework (including the ‘Top 10 list of errors and misunderstandings), and provide some suggestions we have for amendments, while also offering an opportunity for attendees to ask any questions of our experts and offer their own suggestions for any modifications they would like to see to the PRMS. Discussions will be led by our team of Reserves Evaluation experts, including Jim Bradly CEng MEI, a current member of the OGRC. If you would like join us over breakfast, please contact Dawn Murton, Events Manager; [email protected] – to book your place. Alternatively, we can arrange a separate meeting if you are unable to make this date.” In the meantime, here is number 10 in the list of errors and misunderstandings: 10. An aggregation of Prospective Resources which results in an overstating of Total Resources. More information on the common mistakes will be shared at the briefing.

The rule went into effect June 29th, and requires additional bonding for decommissioning from companies without an investment grade credit rating. According to the complaint, surety bond companies told BOEM that they didn’t have the capacity to provide such bonds. This would place additional financial pressure on small independents and new entrants to the Gulf of Mexico at a time when industry consolidation continues to whittle down their numbers. #energy #oil #regulation #GOM #decommissioning #abandonment #offshore

Exploring new leases today. That means new drills and reworks on the way. Get in on the action by connecting, DM or visit PecosCountry.com Pecos Country Operating The Crude Truth Rey Treviño III #OilandGas #Investment #ConsistentReturns #EnergyIndustry #ValueCreation

Louisiana, Mississippi, Texas and trade groups filed suit to block BOEM's final rule on "Risk Management and Financial Assurance for OCS Lease and Grant Obligations." High-stakes litigation is becoming a key tool to defeat or shape significant oil and gas laws and regulation. #BOEM #Decommissioning #GulfofMexico https://lnkd.in/gCtawh_P

𝐍𝐂𝐋𝐓 𝐀𝐝𝐦𝐢𝐭𝐬 𝐈𝐧𝐬𝐨𝐥𝐯𝐞𝐧𝐜𝐲 𝐏𝐥𝐞𝐚 𝐀𝐠𝐚𝐢𝐧𝐬𝐭 𝐄𝐬𝐬𝐚𝐫 𝐎𝐢𝐥 𝐚𝐧𝐝 𝐆𝐚𝐬 𝐄𝐱𝐩𝐥𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧 The National Company Law Tribunal (NCLT) has admitted an insolvency resolution plea against Essar Oil and Gas Exploration and Production. The company is undergoing this process due to financial difficulties. This admission means that Essar Oil and Gas is now subject to the Corporate Insolvency Resolution Process, which aims to resolve its financial issues. 𝗦𝗼𝘂𝗿𝗰𝗲: https://shorturl.at/L1xIL #aaainsolvency #insolvency #nclat #nclt #lawyers #essaroil

Over 115+ years of service, but just a small sample of data. The FII Equity Issue of the Day: A Bankruptcy for ZARGON OIL AND GAS LTD (989133301). Visit our FII Online Application via https://www.fiinet.com/ for more details and information. #financialservices #corporateactions #data #equity #equitymarkets #corporate #bankruptcy

Surface Damage Claims: Oil and gas operations can have significant impacts on surface property, leading to disputes over damages, trespass, nuisance, and other issues. Our firm is well-versed in handling surface damage negotiations and claims. Ownership disputes: whether it's a dispute over a purchase agreement, revenues suspended by an operator due to a title requirement, or other ownership, disputes, or attorneys can assist in identifying in resolving the matter. #MunsonMcMillin #MunsonMcMillinAttorneys #OklahomaLawyer #OKCLawyer #OKCRealtor #OklahomaRealtor #LandOwner #EstatePlanning #OklahomaEstate #BusinessLitigation #TrustsAndEstates #RealEstateLaw #OilAndGasTitles #OilAndGasLitigation #LegalExperts #OKAttorneys #LegalServices