Liquefied Natural Gas: The Law and Business of LNG
Fourth Edition
Published: 2024
Pages: 615
eBook: 9781837230051
This fully revised new edition of the best-selling title features contributions from leading energy companies, institutions and academic bodies, as well as consultancies and law firms, and each of the writers is a specialist in their field.
This fully revised new edition features contributions from leading energy companies, institutions and academic bodies, as well as consultancies and law firms, and each of the writers is a specialist in their field.
Topics covered have been expanded for this fourth edition and chapters span all relevant commercial, political, regulatory and legal issues. They also examine the effects of the energy transition’s initiatives and innovations, including:
carbon-neutral or ‘green’ LNG;
LNG and hydrogen;
the geopolitics of LNG;
structure and integration; and
the principles of price formation.
Whether you are a lawyer in private practice or from a national or international oil company, utility business, ship broking or ship building firm, bank or energy advisory practice, this commercially focused title will provide you with a unique, practical guide to today’s international LNG business, while offering thoughtful insights on what the future may bring.
Table of Contents
Cover | Cover | |
---|---|---|
Title Page | 1 | |
Copyright | 2 | |
Contents | 3 | |
Foreword | 7 | |
Part I: Introduction | 9 | |
The role of LNG | 9 | |
Part II: LNG’s place in the energy transition | 27 | |
LNG and ESG | 27 | |
LNG’s place in the energy transition | 41 | |
Part III: A bridge to where? | 53 | |
How oil and gas companies can engage in emission reductions and energy transition through carbon markets | 53 | |
LNG, carbon and trading | 65 | |
Hydrogen and its relationship with LNG | 89 | |
Decarbonisation of the LNG market | 101 | |
Part IV: The geography of LNG | 115 | |
The geopolitics of LNG | 115 | |
North Asia LNG markets: from strength to strength? | 131 | |
The development of African LNG | 143 | |
Russian LNG: history and prospects | 153 | |
Australia: the once-reliable LNG superpower? | 165 | |
Which way for the Middle East and LNG? | 175 | |
Part V: Projects and structures | 187 | |
Structuring LNG projects: evolution in the LNG value | 187 | |
Floating LNG – projects and participants | 199 | |
Small-scale LNG | 213 | |
The role of regulation | 231 | |
Part VI: Shipping | 255 | |
Capacity and trading | 255 | |
Shipping: regulation and ESG | 265 | |
Shipping and emissions | 277 | |
Part VII: Selling, buying and trading | 289 | |
LNG sale and purchase agreements | 289 | |
Flexibility in long-term LNG supply contracts | 311 | |
Obligations of sale and purchase | 327 | |
Failures and reliefs | 339 | |
Part VIII: The price of LNG | 369 | |
The price of LNG | 369 | |
Price reviews in practice | 397 | |
Relief for unforeseeable changed circumstances in LNG | 417 | |
Part IX: Participations and state roles | 467 | |
The role of states and export credit agencies | 467 | |
LNG in Canada | 487 | |
The rise of US LNG in the global market | 497 | |
Part X: Disputes and renegotiation | 517 | |
LNG disputes | 517 | |
LNG pricing disputes | 561 | |
LNG delivery disputes | 573 | |
About the authors | 585 | |
About Globe Law and Business | 605 |
Pradhuman Aggarwal
Expert, McKinsey & Company
[email protected]
https://www.linkedin.com/in/pradhuman-aggarwal/
Pradhuman Aggarwal is a natural gas and LNG expert with McKinsey & Company, based in the Houston office. Since joining McKinsey in 2016, Pradhuman has focused on a wide range of projects in the natural gas and LNG sectors, spanning both the Middle East and North America.
His expertise lies in due diligence, strategy development, procurement and operational excellence topics. Pradhuman also plays a leading role in the development of key market models, including the McKinsey Global Gas Report, gas value pools, the LNG cost curve and integrated gas benchmarks.
Alessandro Agosta
Senior partner, McKinsey & Company
[email protected]
https://www.linkedin.com/in/alessandro-agosta-27961a/
Alessandro Agosta is a senior partner in McKinsey’s global energy and materials practice, where he advises and develops natural gas and LNG companies across Africa, Asia, Europe and North America. Ale leads the development of McKinsey’s natural gas knowledge, helping to build a distinctive perspective on gas market discontinuities, natural gas and LNG. He serves clients globally, working across all functions from operations, marketing and sales to corporate finance and organisation.
Luis Agosti
Senior vice president, Compass Lexecon
[email protected]
https://www.linkedin.com/in/luis-agosti-2815a2/
Luis Agosti is a senior vice president at Compass Lexecon in Madrid. He is an energy economist who specialises in gas, LNG and power markets. He has provided expert advice and written and oral testimony before competition and regulatory authorities and tribunals. Luis has been involved in over 30 gas and LNG disputes in Europe, Asia, South America and the Middle East on issues relating to price reviews, estimation of damages following alleged under-deliveries and undue force majeure declarations, interruption of supplies and changes in delivery points, among other things. He started his career working as a competition economist in energy cases, advising companies on the assessment of the competitive impact of major energy mergers in Europe, the impact of regulation on market functioning and alleged abusive conduct such as excessive pricing and price fixing. Luis has authored several articles on liberalisation and competition in gas and power markets. He has been a Who’s Who Legal recognised thought leader, arbitration expert and energy expert.
Nick Austin
Partner, Reed Smith LLP
[email protected]
https://www.linkedin.com/in/nick-austin-57b990a4/
Nick Austin is a partner in Reed Smith’s transportation industry group and resolves shipping and trade disputes in court, arbitration and mediation. He represents major shipowners, charterers and traders in a range of dry shipping and commodity disputes, including charterparty, bill of lading and environmental, social and governance (ESG) issues. Nick supports clients in the extractive and LNG sectors on their transportation needs and maintains strong links in the Japanese market. Nick lectures and speaks regularly at conferences organised by Asdem, Coaltrans and The Oxford Princeton Programme. Nick is an executive committee member of the British Maritime Law Association and sits on the council of the London Shipping Law Centre. He is also a supporting member of the London Maritime Arbitrators Association. Nick is described by The Legal 500 as “very talented” and is recommended as a notable practitioner “who knows his stuff” by Chambers & Partners. In Chambers 2024, clients said that “Nick provided strong, commercially aware advice and support”.
James Baily
Partner, Herbert Smith Freehills LLP
[email protected]
https://www.linkedin.com/in/james-baily-2b307b11b/
James Baily is a solicitor advocate and partner in Herbert Smith Freehills’ disputes division in London. He specialises in advising on commercial disputes in the energy sector. He is recognised by the main directories; The Legal 500 and Chambers UK both list him as a leading individual for oil and gas work.
James’s experience focuses on cross-border disputes in the context of major projects, drilling contracts, joint ventures and gas sales agreements, including challenges to the jurisdiction of the English courts and parallel proceedings in foreign courts. For over 15 years, he has advised major energy companies on price review disputes under long-term LNG sale and purchase agreements (SPAs) in relation to European and Asian markets. He is the author of a number of articles on price reviews and has spoken extensively on the subject.
David Baker
Partner, White & Case LLP
[email protected]
https://www.linkedin.com/in/david-baker-89a935175/
David Baker is a partner in White & Case’s London office. He has over 25 years of experience practicing in the international energy business with a particular focus on LNG. He has worked on transactions across the globe, including Africa, Europe, the Middle East and Asia. He has taken the lead project development role on a number of landmark LNG transactions, including the Sakhalin II LNG project, Qatargas 2, 3 and 4, the Nigeria LNG project and the Mozambique LNG project. He has also acted for producers of LNG including QatarEnergies and buyers of LNG including Kuwait Petroleum Corporation.
He has previously co-authored a number of publications focusing on energy in Africa as well as decommissioning in the UK. He has been recognised as a Leading Lawyer and Hall of Fame Lawyer in 2024 by both Chambers UK 2024 (Projects – UK) and The Legal 500 UK (Projects, Energy and Natural Resources – UK), respectively.
Vivek Bakshi
Partner, Dentons Canada LLP
[email protected]
https://www.linkedin.com/in/bakshivivek/
Vivek Bakshi is Dentons’ global energy sector group leader and a partner in the firm’s Toronto office. He focuses on M&A and project development in the energy, natural resources and infrastructure sectors. His specialism in LNG matters comes from a number of years advising LNG traders, sponsors and capacity rights holders in connection with the trade of LNG and the development of liquefaction plants and regasification terminals worldwide, most recently in Canada, and has done this while working in London, Singapore, Tokyo and Toronto. Vivek is qualified to practise Ontario law and in also qualified is England and Wales.
Mark Bell
General manager and chief operations officer, SGMF
[email protected]
https://www.linkedin.com/in/mark-bell-aa484218/
Mark Bell is the general manager and chief operations officer at SGMF. He has a 38-year maritime career covering most ship types, including military, and has around 20 years’ experience with two leading class societies. He has lived and worked extensively in Southeast Asia and the Middle East.
An engineer by profession, his foundations are firmly based in safety and he is proud to lead SGMF, a membership-based organisation that guides the wider maritime community and regulators on best practice for the safe and sustainable use of all gaseous marine fuels, from methane to ammonia.
Jason Bennett
Partner, Baker Botts LLP
[email protected]
https://www.linkedin.com/in/jason-bennett-baa71b4/
Jason Bennett is a partner and the firmwide department chair of Baker Botts’ global projects practice, as well as a co-head of its firmwide energy sector leadership. His practice is focused on the development and financing of LNG/gas, clean hydrogen/ammonia, CCUS, water and other liquids projects, joint ventures and transactions. Jason assists clients with front-end development and structuring for projects and their ownership, the acquisition and sale of interests in assets and projects, and the financing of those projects. Jason has extensive LNG experience, having advised on more than 95 LNG SPAs and 30-plus LNG projects, including acting as project counsel on the successful launch of 10 greenfield liquefaction projects. His experience includes assisting clients with the structuring, development, construction and launch of greenfield liquefaction projects, related joint ventures and related upstream developments, regasification facilities, LNG shipping matters and the development of LNG trading platforms and investments.
Aras Berenjforoush
Managing counsel, LNG trading and shipping in Asia, bp
[email protected]
https://www.linkedin.com/in/aras-berenjforoush-8a37b910/
Aras Berenjforoush is bp’s managing counsel, LNG trading and shipping in Asia. He manages a legal team advising on LNG trading and origination activity in the region, including long- and shortterm LNG sales and purchases, disputes, financial trading and structured products. Prior to joining bp, he was an attorney with leading international law firms working on energy and infrastructure projects in more than 30 countries, including a number of groundbreaking oil and gas and power projects in the Middle East and Asia.
Kristian Bradshaw
Partner, White & Case LLP
[email protected]
https://www.linkedin.com/in/kristianbradshaw/
Kristian Bradshaw is a partner in the Tokyo office of global law firm White & Case. He advises clients on the acquisition, development, financing and sale of projects and businesses in the global energy sector and has acted on hundreds of billions of dollars of transactions. He has particular experience in relation to large-scale projects in the LNG, hydrogen and renewable space.
Kristian’s career has also included roles at energy major INPEX Corporation; export credit agency JBIC; and solar and green hydrogen pioneer Elion House Pte Ltd. He has worked in England, France, Hong Kong and Japan and is proficient in Japanese, French and German in addition to his native English.
Malwina Burzec
Manager, EY Center for Climate Policy, Ernst & Young Law Zakrzewska i Wspólnicy Spk
[email protected]
https://www.linkedin.com/in/malwinaburzec/
Malwina Burzec is a manager at the EY Center for Climate Policy. She focuses her practice on carbon markets regulation, including compliance, voluntary and Paris-aligned carbon markets. She advises governments, corporates and offset project developers on regulating carbon markets, building carbon-neutral products and certifying emission reduction projects, as well as legal, tax and accounting aspects of carbon credits trading. She is deeply involved in advisory work concerning Article 6 of the Paris Agreement on bilateral and unilateral approaches to emission reductions.
Malwina graduated from Adam Mickiewicz University in Poland and Boston University School of Law in the United States. Her education also includes the course on the design of renewable energy projects from Harvard University Extension School. She is a licensed attorney in Poland, Massachusetts and New York.
Alistair Calvert
Partner, Bracewell (UK) LLP
[email protected]
https://www.linkedin.com/in/alistair-calvert-64268a7b/
Alistair Calvert helps clients to resolve disputes in the energy and infrastructure sectors, with a focus on disputes related to projects in the oil and gas, power and renewables space. He has acted on disputes relevant to all aspects of projects, including procurement, engineering, operational and financing matters, and regularly advises clients on disputes under LNG sale and purchase agreements.
Alistair’s practice encompasses high-value international arbitration and litigation. He has over 15 years’ experience acting on international arbitrations and conducts his own advocacy. He also provides advice on the management of legal risk during pre-action negotiations and specialises in mediation and other forms of alternative dispute resolution (ADR).
Alistair also represents clients in issues concerning civil fraud, anti-bribery and money laundering obligations, and in related investigations.
Zsofia Cassidy
Associate, White & Case LLP
[email protected]
https://www.linkedin.com/in/zsofia-cassidy-a11bb3a6/
Zsofia Cassidy is an associate in the project development and finance team at White & Case’s London office. Her focus is on international project and debt finance, with experience primarily in the oil and gas sector, as well as infrastructure and renewables. Zsofia has acted for both lenders and sponsors, including major national oil companies.
James Clark
Counsel, Quinn Emanuel Urquhart & Sullivan LLP
[email protected]
https://www.linkedin.com/in/james-clark-20490b47/
James Clark specialises in international arbitration. He has advised and represented clients in numerous arbitrations throughout the world, both ad hoc and under the major institutional rules. While James has broad experience across a range of industries and market sectors, his specific focus is energy, natural resources and infrastructure. He has significant experience of upstream disputes under production sharing contracts in the Middle East and Africa, and of midstream disputes under long-term LNG SPAs, including numerous price review arbitrations. James teaches at the Faculty of Law at Sciences Po in Paris. He is a Franco- Australian lawyer qualified in England, Australia and France, where he is based.
Anne-Sophie Corbeau
Global research scholar, Center on Global Energy Policy, Columbia University
[email protected]
https://www.linkedin.com/in/anne-sophie-corbeau/
Anne-Sophie Corbeau is a global research scholar at the Center on Global Energy Policy at Columbia University and a visiting professor at Sciences Po. She leads the centre’s research on hydrogen and natural gas. Anne-Sophie has almost 25 years of experience in the energy industry and is a recognised expert on natural gas and hydrogen. She is also the co-chair of Gastech’s governing body.
Prior to joining the centre, Anne-Sophie was head of gas analysis at bp, where she was responsible for advising the leadership team on gas market developments and long-term pricing assumptions, as well as a member of bp France’s Comex. Before joining bp, she was a research fellow at King Abdullah Petroleum Studies and Research Centre (KAPSARC) in Riyadh. She also worked at the International Energy Agency (IEA) and IHS Cambridge Energy Research Associates (IHS CERA). She began her career as an engineer working on fuel cells and hydrogen. Anne-Sophie holds two MSc degrees from the Ecole Centrale Paris and the University of Stuttgart.
Dumitru Dediu
Partner, McKinsey & Company
[email protected]
https://www.linkedin.com/in/dumitru-dediu/
Dumitru Dediu is a partner in McKinsey’s global energy and materials practice, where he serves a broad range of energy clients on strategy, M&A and transformations. Dumi is also the leader of the Americas gas, LNG and new energies team, focusing on gas and LNG growth strategy under uncertainty, trading and portfolio optimisation and digital and AI opportunities.
Jamie Franklin
Partner, White & Case LLP
[email protected]
https://www.linkedin.com/in/franklin-jamie/
Jamie Franklin is a partner in White & Case’s project development and finance practice and cohead of the firm’s LNG industry group, resident in the Houston office. Prior to moving to Houston, Jamie was based in Singapore for seven years.
He is an English-qualified lawyer with experience practising in London and Singapore and has advised clients across the North America, EMEA and Asia-Pacific regions for over a decade, helping them navigate some of the most complex transactions in the energy sector, particularly in relation to LNG, gas, power and large-scale renewables/clean energy projects. Jamie has extensive experience in multi-source project financings, acquisition financings, holdco and hybrid financing structures, project bonds/private placements, structured financing platforms, refinancings and other debt-structured products and equity financings in the energy and infrastructure sector. He also advises on joint ventures and project development matters (including power purchase, feedstock and offtake agreements).
Jamie has worked on multiple award-winning, first-of-their-kind transactions, including the Ichthys LNG, Cameron LNG and Pertamina JTB gas projects.
James Freeman
Partner, international arbitration, A&O Shearman
[email protected]
https://www.linkedin.com/in/james-freeman-46330913/
James Freeman is a partner in the international arbitration group in the London office of A&O Shearman. He has conducted arbitrations under all of the major institutional rules and at all of the main seats, in a wide range of industry sectors. He acts in both commercial and investor-state cases. He is a solicitor advocate and routinely appears as an advocate at substantive hearings. James’s practice focuses on energy and he has particular expertise in gas and LNG disputes. Over a 15-year period, he has acted in dozens of price reviews and other gas and LNG disputes, in Europe and Asia-Pacific, for buyers and sellers, involving piped gas and LNG. He co-edits the second edition of Gas and LNG Price Arbitrations (Globe Law and Business) – the only textbook on the subject. James sits on the board of the London Court of International Arbitration (LCIA), is a member of the International Chamber of Commerce’s (ICC) Commission on Arbitration and ADR, and sits on the executive committee of the Foundation of International Arbitration Advocacy.
Nicholas Fulford
Senior director, gas/LNG and energy transition, GaffneyCline energy advisory, a Baker Hughes company
[email protected]
https://www.linkedin.com/in/nick-fulford-403b0828/
Nicholas Fulford is a chartered engineer from the United Kingdom who studied at Durham University and the Royal Military College of Science. Much of his early career was spent at British Gas, where he was part of the company’s transformation from state-owned monopoly to international LNG player. Subsequently, Nicholas moved to North America and took up various positions, including several assignments linked to the emergence of the US shale gas industry and the related major investment in LNG exports. For the last 10 years, he has led the gas and LNG practice at energy consulting firm GaffneyCline energy advisory, a Baker Hughes company, where he has undertaken a range of advisory assignments for government, lenders, investors and project developers, most recently focusing on the role of gas in the energy transition. With the recent growth in carbon capture and sequestration (CCS), Nicholas has assisted a range of clients in developing lowcarbon LNG concepts.
Tomas Furlong
Partner, Herbert Smith Freehills LLP
[email protected]
https://www.linkedin.com/in/tfurlong/
Tomas Furlong helps clients to avoid and resolve the disputes that are important to them. He acts for corporates and financial sponsors – particularly in the energy, technology (including crypto) and telecoms sectors – dealing with fraud, M&A, joint venture and commercial disputes. In the energy sector, his work has covered a wide range of upstream oil and gas issues, oil and gas trading (particularly LNG), gas price reviews and power purchases. Based in Singapore, he has worked on many matters involving clients or counterparties in China, Indonesia, India, Thailand and the Philippines. Tomas regularly acts as both advocate and arbitrator. As well as arbitrations (Singapore International Arbitration Centre, ICC, International Centre for Settlement of Investment Disputes, Hong Kong International Arbitration Centre, LCIA and CIETAC), he assists clients with injunctions, set-aside/enforcement and asset recovery strategies around the world.
John Gilbert
Partner, Bracewell (UK) LLP
[email protected]
https://www.linkedin.com/in/john-gilbert-bracewell/
John Gilbert resolves disputes across the energy sector through litigation, arbitration, expert determination and mediation. He advises on a broad range of disputes related to oil and gas exploration and production, the construction and operation of pipelines and the downstream sector. John has particular experience representing clients locked in disputes over gas sales agreements, including price reviews, and on the operation of take-or-pay provisions. In addition, he advises on a broad range of disputes relating to power generation, both conventional and renewables. John advises on the protection of investments through bilateral and multilateral investment treaties and has represented clients in claims made under treaties. John has also represented clients in issues concerning ESG, including matters concerning business and human rights, antibribery and money laundering obligations and the conduct of investigations. For six years, John served as in-house counsel in the dispute resolution team of an oil and gas supermajor.
Ted Greeno
London co-managing partner, co-head of energy disputes, Quinn Emanuel Urquhart & Sullivan LLP
[email protected]
https://www.linkedin.com/in/ted-greeno-391a303/
Ted Greeno was the first disputes lawyer in London to specialise in upstream oil and gas industry disputes in the 1980s. Since then, he has advised major international oil and gas companies (including buyers and sellers) on litigation, arbitration and expert determinations across the whole value chain, including disputes relating to the price of oil, gas and LNG; breach of take/send or pay and other supply/transportation agreements; equity determinations under unitisation agreements; joint bidding agreements; production sharing contracts; concession agreements; farm-in agreements; joint venture accounting, governance and forfeiture; drilling contracts; gas and power tolling agreements; and electricity and gas/LNG trading agreements.
Ted has conducted international arbitrations involving oil and gas industry disputes in the Middle East, Africa, Indonesia, China, India, North America, South America, the United Kingdom and continental Europe. He also sits as an arbitrator. He has been described as “simply the best oil and gas litigator in London” in The Legal 500. Teams led by Ted have won four Litigation Team of the Year awards and one Arbitration Team of the Year award. Unusually, if not uniquely, he is recognised by Who’s Who Legal as a Global Leader in three categories: Arbitration, Litigation and Energy.
Paul Griffin
Lawyer, arbitrator and mediator Special adviser – oil and gas, White & Case LLP; Honorary professor, University of Dundee
[email protected]
https://www.linkedin.com/in/paulgriffinauthor/
Paul Griffin is an English lawyer with more than 40 years’ experience in the international oil and gas business. Paul was a partner in leading international law firms for some 25 years until his retirement from Allen & Overy in 2016. During that time, he led the oil and gas teams at those firms and worked on many significant oil and gas deals and disputes, as well as being involved in related matters of public law and competition law. He has been recognised as the “World’s Leading Energy Lawyer” in the Expert Guides: Best of the Best and as the “World’s Leading Oil and Gas Lawyer” in Who’s Who Legal.
In addition to his role at the University of Dundee, Paul is special adviser to the global energy group at White & Case. He is also active in the resolution of disputes in the international oil and gas sector, where he works as an arbitrator, an expert and a mediator. He writes and speaks regularly on the issues and developments in the law in the context of the global oil and gas industry.
Frank Harris
Head of global LNG consulting, Wood Mackenzie
[email protected]
https://www.linkedin.com/in/frank-harris-0a254739/
Frank Harris has worked for Wood Mackenzie for 27 years and focuses on providing LNG-related commercial advice to clients. This encompasses strategy development, LNG project development, the sale and purchase of LNG, project financing, transaction support and market/competitor analysis. Clients include upstream companies, utilities, traders, project developers, financial institutions, midstream players and governments. Frank is a founding author of Wood Mackenzie’s LNG Research Service and is widely recognised as a leading commentator on the LNG industry. Prior to joining Wood Mackenzie, Frank spent four years in Andersen Consulting’s utilities team, where he worked on engagements related to the development and implementation of strategies for companies in liberalising energy markets. During his career Frank has been involved in a variety of markets in Europe, Asia, the Middle East, Australasia and the Americas. Frank graduated from the University of Bradford Management Centre in 1991 with a first-class BSc (Hons) in business studies.
Michael Harrison
Partner, Baker Botts LLP
[email protected]
https://www.linkedin.com/in/michael-harrison-8999686a/
Michael Harrison is a partner in Baker Botts’ global projects group based in Singapore. Michael is a leading projects and transactions lawyer who has advised on LNG since 1993. He has worked on many of the most significant LNG projects in Asia- Pacific, including Jangkrik, Indonesia Deepwater Development and Tangguh LNG in Indonesia; Gwangyang and Boryeong regasification terminals in South Korea; and Darwin LNG, Pluto 1 and 2, NW Shelf and Scarborough in Australia. In addition, Michael has been involved in all LNG projects in Papua New Guinea (PNG), having advised the PNG government on PNG LNG, Papua LNG, Pn’yang and currently on Pasca A and proposed development of Wildebeest, Whitebait and Whale. Michael has also advised on over 60 LNG SPAs and around 80 master SPAs over time. Additionally, Michael is a thought leader on the energy transition and actively advises across relevant industries including carbon capture and storage, ESG, renewable energy, hydrogen and hydrogen-based fuels.
Paul Harrison
Partner, White & Case LLP
[email protected]
https://www.linkedin.com/in/pauldavidharrison1/
Paul Harrison is a partner in the Tokyo office of White & Case. He advises on major project and debt finance transactions, helping to fund multibillion-dollar energy projects. With over two decades of experience in the energy space, he has particular knowledge and experience of complex and innovative crossborder projects, including LNG, petrochemicals, renewables and shipping. Paul has advised on transactions across the Asia-Pacific, Africa, Middle East, Europe and the Americas. Notable landmark LNG projects on which Paul has advised include Moz LNG, Qatargas 2, 3 and 4 and Ichthys LNG, as well as numerous LNG vessel financings. Paul is recognised as a Band 1 Leading Lawyer for Projects & Energy (Japan) by Chambers and as a Leading Lawyer for Japan Projects and Energy by The Legal 500 Asia Pacific. He previously contributed as a co-author to “LNG in transition: Navigating an evolving market”, PRATT’s Energy Law Report, Volume 20-5, May 2020.
James Henderson
Distinguished research fellow, Oxford Institute for Energy Studies
[email protected]
https://www.linkedin.com/in/james-henderson-0236a423/
James Henderson is a distinguished research fellow at the Oxford Institute for Energy Studies and an honorary professor at Warwick University. He is also a visiting professor at Masaryk University in the Czech Republic and at the College of Europe in Natolin, Warsaw, and has lectured on energy economics and security of supply at a number of universities in Europe and the United States. He has worked in the oil and gas sector for US company Amerada Hess, as well as spending time as a consultant and investment banker. He obtained a PhD in social sciences from London University in 2010. He has produced numerous papers on the global energy economy and has published three books on Russian energy.
Brett Hillis
Partner, Reed Smith LLP
[email protected]
https://www.linkedin.com/in/brett-hillis-89304111/
Brett Hillis is a partner in the energy and natural resources group at Reed Smith. Brett specialises in the law and regulation of energy, carbon and other commodity markets, both physical and derivative. In addition, he advises on a range of developing products including green certificates and digital assets. He has considerable experience in advising on a wide range of financial and energy regulatory issues relating to LNG contracts and trading.
Nina Howell
Partner, Reed Smith LLP
[email protected]
https://www.linkedin.com/in/nina-howell-78052733/
Nina Howell has more than 20 years’ experience advising clients across the energy industry. Her practice has a particular focus on LNG, representing clients across the LNG chain globally, from the development of LNG import and export projects to LNG transportation, long-term LNG SPAs and short-term LNG sales and trading. She has advised on first-of-their kind LNG projects across the globe including export projects in Australia, Mozambique and the United States, and has recently advised on LNG import projects in the Netherlands (Gate and Eemshaven) and Germany.
Malcolm Jarvis
Barrister, Twenty Essex
[email protected]
https://www.linkedin.com/in/malcolm-jarvis/
Malcolm Jarvis is a barrister specialising in commercial litigation and arbitration with a particular focus on energy and commodities. He is ranked in The Legal 500 UK Bar for energy, shipping, commodities and commercial litigation. He has been described as “easy to work with and very commercial” (The Legal 500 UK Bar 2022) and his advocacy has been described as “measured, precise and persuasive” (The Legal 500 UK Bar 2024).
Malcolm’s energy practice spans the upstream, midstream and downstream sectors, and he has been instructed in arbitrations and litigation relating to production sharing contracts, joint operating agreements, oil spill compensation claims, oil and gas offshore construction disputes and commodity disputes.
Saul Kavonic
Head of energy research, MST Marquee
[email protected]
https://www.linkedin.com/company/mst-financialservicesau/
Saul Kavonic is the head of energy research at MST Marquee. Previously he was head of integrated energy, resources and carbon research at Credit Suisse, covering the energy, bulk mining, green metals and carbon market sectors. Prior to Credit Suisse, he was head of energy research in Australasia for Wood Mackenzie and also worked at Woodside Energy, Australia’s largest oil and gas company; at MH Carnegie & Co, one of Australia’s largest venture capital funds; and in economic development policy roles for the United Nations and the African Union Commission. He frequently presents at leading industry conferences in the region, is the top-ranked energy analyst in Australia according to industry surveys and is a regular commentator on the global gas, energy and green metals sectors in print and broadcast media.
Saul is a member of the industry advisory board for the University of Western Australia Oceans Graduate School; the founder of Just Transition, which provides realpolitik perspectives on the energy and resources landscape; and a co-founder of Refugees Welcome Australia. Saul holds degrees in law (honours) and chemical engineering (honours) from the University of Melbourne.
Jason Kerr
Partner, White & Case LLP
[email protected]
https://www.linkedin.com/in/kerrjason/
Jason Kerr is the global head of project development and finance based in White & Case’s London office. His focus is international finance, particularly working with clients in emerging markets across Africa, Central Europe, the Middle East and Asia.
Jason has substantial experience advising commercial banks, multilateral lending agencies, export credit agencies, sponsors and developers on project and international finance. He has taken the lead on a number of landmark LNG transactions, including the Sakhalin II LNG project, the Nigeria LNG project and the Moz LNG project.
He has previously authored a number of publications focusing on finance and energy in Africa and has been recognised as a Leading Lawyer and Leading Individual by both Chambers Global 2024 (Projects) and The Legal 500 2024 (Projects, Energy and Natural Resources).
Kasia Klaczynska Lewis
Partner, EY Center for Climate Policy, Ernst & Young Law Zakrzewska i Wspólnicy Spk
[email protected]
https://www.linkedin.com/in/kasia-klaczynska-lewis-6771273/
Kasia Klaczynska Lewis is a partner and the leader of the Center for Climate Policy at EY Law. She specialises in global carbon markets and sustainability regulations, working across jurisdictions at the intersection of law, business, technology and finance.
Kasia leads a multidisciplinary team of experts focusing on voluntary and compliance carbon markets, international climate policies, cleantech, sustainable finance, sustainability in international trade, circular economy, sustainable corporate governance, supply chains accountability and other dimensions of ESG.
She works with public and private sector clients on designing, implementing and interpreting novel policy instruments, such as carbon border measures, with the support of predictive regulatory modelling, behavioural science and digitalisation of ESG solutions.
Kasia is an attorney and member of the New York Bar educated in Poland (Jagiellonian) and the United States (Harvard), and a recipient of the Gammon Fellowship for Academic Excellence.
Nick Kouvaritakis
Global head of LNG and partner, Mayer Brown
[email protected]
https://www.linkedin.com/in/nick-kouvaritakis-2160a622/
Nick Kouvaritakis is a leading energy lawyer with extensive experience across the entire LNG value chain. He has advised on more than 50 LNG import projects globally – the majority using floating storage and regasification units – and is currently advising on projects in Singapore, Indonesia, Hong Kong, Vietnam and multiple projects in Germany and Poland. He is one of the leading lawyers in the world advising on terminal use agreements and, in particular, has been one of the key lawyers involved in the development of multi-customer terminal use arrangements and borrowing and lending arrangements. Nick is also deeply experienced in advising on LNG SPAs, having advised on more than 20 long-term LNG SPAs, and has advised on in excess of 40 million tonnes per annum of long-term LNG SPAs since the start of 2022.
Nick has also advised on multiple complex LNG disputes encompassing high-value LNG SPAs, LNG import and export projects. He is familiar with the market, approaches and jurisdiction-specific issues relating to all of the major LNG export and import jurisdictions.
Ciara Lamph
Trainee solicitor, Houston, White & Case LLP
[email protected]
https://www.linkedin.com/in/ciara-lamph-43134b9a/
Ciara Lamph is a trainee solicitor in the White & Case project development and finance group in Houston, primarily based in the firm’s London office. Prior to joining the firm, Ciara worked for two leading investment banks in London, covering their respective investment banking divisions in Europe, the Middle East and Africa. She is admitted as an attorney to the New York Bar.
Beng Kwang Lim
Senior counsel, Chevron Singapore Pte Ltd
[email protected]
https://www.linkedin.com/in/beng-kwang-lim-27440932/
Beng Kwang Lim has been senior counsel supporting Chevron’s long-term and short-term LNG marketing and trading businesses in Asia- Pacific since 2013. Beng Kwang was a key member of the core team which set up Chevron’s LNG trading business in Singapore. At Chevron, Beng Kwang has also negotiated and concluded longterm LNG SPAs with numerous buyers in Asia-Pacific with LNG supply from Gorgon, Wheatstone and Chevron’s global portfolio. In 2012, Beng Kwang was the general counsel for Singapore LNG Corporation, where he supported the construction and commercialisation of the Singapore LNG terminal. Before Singapore LNG, Beng Kwang spent 12 years in BP’s short-term and long-term LNG businesses, downstream, chemicals and global M&A, and was based in BP’s offices located in Kuala Lumpur, Singapore and London.
Chris Lyle
Managing partner, Article Six Group
[email protected]
https://www.articlesix.com/about-us/our-team/
Chris Lyle is a managing partner at the Article Six Group, where he advises governments, the private sector and international organisations on climate finance and policy. Previously, Chris worked at Morgan Stanley in London across its capital markets and investment banking divisions, before moving to the Middle East to focus on climate infrastructure and broader economic development, serving as head of Lebanon for CrossBoundary, among other roles. Chris holds a master of public policy degree and a first-class bachelor’s degree in Arabic and Farsi, both from the University of Oxford.
Stephen Mackin
Partner, Hill Dickinson LLP
[email protected]
https://www.linkedin.com/in/stephen-mackin-5092803/
Stephen Mackin started his career as a navigating officer working for Shell and has sailed on LNG tankers. As a lawyer, he has been involved in advising both shipowners and charterers on all aspects relating to the operation and chartering of vessels engaged in the carriage of liquid cargoes, including particularly LNG, for over 25 years.
Samer Mahjoub
Associate, Houston, White & Case LLP
[email protected]
https://www.linkedin.com/in/samermahjoub/
Samer Mahjoub is a senior associate in the White & Case project development and finance group in the firm’s Houston office and one of the lead associates of the firm’s global energy and LNG industry group. Prior to being based in Houston, Samer worked at an LNG trading firm in Germany and an international law firm in Dubai. His practice focuses on acquisitions and divestitures, strategic joint ventures and investments, project development and project finance for upstream, midstream and downstream oil and gas, LNG, hydrogen/ ammonia, petrochemicals/chemicals, renewable energy and other energy and infrastructure projects on a worldwide basis. Samer has extensive experience advising on the structuring and development of, and investment in, US and non-US liquefaction projects, along with LNG to power projects over the past decade.
Yves Melin
Partner, Reed Smith LLP
[email protected]
https://www.linkedin.com/in/yvesmelin/
Yves Melin has more than 20 years of experience as an international trade and customs lawyer in Brussels. He concentrates on trade remedies (antidumping measures, countervailing measures and safeguards re-balancing duties), customs laws and procedures, sanctions, export and import controls and carbon trading and border adjustment. Yves is part of Reed Smith’s global ESG practice, with a particular focus on supply chain due diligence and the enforcement of environmental standards and labour standards (for goods crossing EU and UK borders).
Yves is advising a large range of clients in the manufacturing, industrial, trading and logistics sectors on the Carbon Border Adjustment Mechanism (CBAM) to help them to meet CBAM requirements across their business, and in particular to understand the emission data that needs to be obtained (from suppliers) and reported to the authorities, and generally limit exposure to fines and penalties. Yves has also produced position papers on CBAM for clients and presented them to the European Commission and European Parliament.
Steven R Miles
Fellow, global natural gas and energy transitions, Rice University's Baker Institute for Public Policy, Center for Energy Studies; Senior counsel, Baker Botts LLP
[email protected]
https://www.linkedin.com/in/steven-r-miles-3362619/
Steven R Miles is the fellow for global natural gas and energy transitions at the Baker Institute’s Center for Energy Studies at Rice University. He also serves as senior counsel at Baker Botts LLP, where he headed the LNG team for much of his 35 years as a lawyer. While a partner at Baker Botts, he chaired the firm’s energy sector committee and served for six years on the firm’s executive committee. Steven founded the Baker Botts Saudi Arabia office. He managed the Middle East practice for 10 years.
Steven achieved the highest ranking in his field by several leading publications, including Chambers Global’s Guide to America’s Leading Business Lawyers: Guide to the World’s Leading Energy and Natural Resource Lawyers (Global Elite Thought Leader); The Legal 500 US (Hall of Fame and Leading Lawyer, Energy Transactions); Best Lawyers in America; and Finance Monthly Global Award (Energy Lawyer of the Year, USA). Steven received his JD and MBA degrees from Cornell University in 1984 and his BA degree summa cum laude from Union College in 1980.
Boaz Moselle
Executive vice president, Compass Lexecon
[email protected]
https://www.linkedin.com/in/boazmoselle/
Boaz Moselle is an executive vice president at Compass Lexecon, based in London. He is an economist who has worked in academia, consulting and government. Boaz’s expertise includes the analysis of pricing in long-term supply contracts for natural gas and LNG; the estimation of damages, with a particular focus on energy, commodities and regulated infrastructure; and the analysis of a range of issues related to infrastructure regulation.
Boaz has provided expert witness testimony in more than 50 international arbitrations, for both commercial and investment treaty disputes. Who’s Who Legal notes that he “draws praise for his ‘exceptional genius’ and prowess in gas-pricing disputes”, and that “one client describes him as ‘the best expert I have ever seen under crossexamination, and possibly the brightest I have seen in my whole career’”.
Boaz holds a PhD in economics from Harvard University; an MA and PhD in mathematics from Cambridge University and Queen Mary London University respectively; and an MSc in astrophysics from Queen Mary London University. He was previously a managing director of UK energy regulator Ofgem. He teaches in the Brussels School of Competition and as a guest lecturer at Queen Mary University of London School of Law. He has published extensively in leading economics journals, is the co-author of a textbook on statistics and is co-author and co-editor of a book on the economics of renewable generation.
Scott Neilson
Global energy, infrastructure and finance partner, A&O Shearman
[email protected]
https://www.linkedin.com/in/allenoveryscottneilson/
Scott Neilson advises on complex and innovative energy, infrastructure and finance transactions across the globe. He has over 23 years of experience and covers LNG liquefaction, shipping and regasification as well as all aspects of power generation, including renewables. He is also frequently sought out by clients to advise them on their energy transition and decarbonisation initiatives, including energy value chains mixing molecules and electrons, offering strategic and pragmatic solutions. He has worked on some of the world’s largest and most challenging projects, such as the $20 billion Ichthys LNG, the $5 billion Coral South floating LNG and the $1 billion Warsan waste-to-energy project financings – all of which were market firsts and/or the largest of their kind at the time of financial close, involving multiple sources of financing and diverse stakeholders.
Lauded as “Outstanding” (The Legal 500 Asia Pacific 2024), “a ‘great go-to-lawyer’” (Chambers Global 2023) and “the cream of the crop” (Chambers Asia Pacific 2023), Scott is consistently ranked in the top tier of key legal directories in Japan for projects, energy, projects and related financings, and was a finalist for the FT Asia Pacific Innovative Lawyers Award 2023.
Richard Nelson
Partner, Mayer Brown
[email protected]
https://www.linkedin.com/in/richard-nelson-922a23106/
Richard Nelson is a partner in the global energy team at Mayer Brown. He advises clients on energy transactions, concentrating on upstream oil and gas and LNG transactions for companies, host governments, project developers and sponsors. He boasts a particular geographic focus on southeast Asia and the wider Asia-Pacific region and has also worked previously in Singapore and Tokyo.
Elizabeth Oger-Gross
Partner, White & Case LLP
[email protected]
https://www.linkedin.com/in/elizabethogergross/
Elizabeth Oger-Gross is a partner in White & Case’s international arbitration group. She advises clients in complex disputes, with broad experience across a number of sectors and a focus on the energy industry. She has significant experience acting for and against states.
Elizabeth has conducted both ad hoc arbitrations and arbitrations under most of the major institutional rules. Her arbitration experience spans the globe, including Western and Eastern Europe, sub-Saharan and North Africa, North, Central and South America, the Middle East and Asia. She also has substantial experience in cross-border litigation.
Elizabeth is both common law and civil law qualified and acts in both English and Frenchlanguage arbitrations. She teaches international arbitration at Paris 2 (Panthéon-Assas) and Sciences Po Paris. She also sits as arbitrator.
Anthony Patten
Head of energy, Asia, Herbert Smith Freehills LLP
[email protected]
https://www.linkedin.com/in/anthony-patten-b30a7417/
Anthony Patten is a partner and the head of energy, Asia at Herbert Smith Freehills LLP based in Singapore. He specialises in project development and M&A with a strong focus on oil and gas and LNG projects. Anthony has over two decades of experience working with clients in the upstream, midstream and downstream oil and gas sectors internationally. Earlier in his career, Anthony spent six years as a senior lawyer at Royal Dutch Shell, and has since maintained an active LNG practice, advising on numerous liquefaction, marketing and regasification projects and transactions in all major LNG markets. Anthony is recognised as a top-tier energy lawyer by Chambers Global, The Legal 500 and IFLR 1000, including a Band 1 ranking for Energy and Natural Resources (Singapore) by Chambers Asia Pacific.
Joseph Phelan
Managing counsel, global LNG and shipping, bp
[email protected]
https://www.linkedin.com/in/joseph-phelan-08843223/
Joseph Phelan has extensive experience in a range of areas along the energy supply chain, specialising in complex energy transactions and projects in the LNG, gas and power space. He currently leads the global legal team for the LNG and shipping businesses in bp trading and shipping, also working recently to establish bp’s ammonia trading capability.
Prior to joining bp, Joseph held a variety of positions in-house and in UK and US law firms, advising a broad cross-section of entities across the energy industry.
Anne-Laure Pilat
Senior, law, EY Center for Climate Policy, Ernst & Young Law Zakrzewska i Wspólnicy Spk
[email protected]
https://www.linkedin.com/in/anne-laure-pilat-53973410a/
Anne-Laure Pilat is part of the EY Center for Climate Policy team, where she focuses on questions related to carbon pricing instruments and carbon market regulations. Prior to this, she worked in Bangladesh in the research sector. She first joined the International Center for Climate Change and Development where for a year she conducted regulatory and policy analysis on climate migration, loss and damage and capacity building for developing countries. She later joined the Dhaka office of the International Maize and Wheat Improvement Center, where she was part of the research team working on climate change, sustainability and agricultural production for three years. Anne-Laure has also completed internships with the United Nations Educational, Scientific and Cultural Organization in Paris as well as the European Union Delegation to India, which gave her a good understanding of the international climate diplomacy arena. She graduated with a master’s degree in public and European law.
Michael Polkinghorne
Partner, White & Case LLP
[email protected]
https://www.linkedin.com/in/michaelpolkinghorne/
Michael Polkinghorne is a Franco-Australian dualqualified lawyer, resident in Paris, where he heads White & Case’s Paris international arbitration group and is co-leader of the office’s pro bono practice. He is a recognised specialist in the energy sector and has served as counsel and arbitrator in arbitrations conducted under most major institutional rules. Michael is the former Australian member of the International Court of Arbitration of the ICC and was a council member of the ICC Institute (as well as being a member of the ICC taskforce on arbitrations involving state entities).
In recent years, he has been involved in a number of mediations, notably in the industrial gas sector, and has served in over two dozen cases as arbitrator (sole, party-appointed or chair) under the ICC, LCIA, Stockholm Chamber of Commerce, Bahrain Chamber for Dispute Resolution, Finland Arbitration Institute, Thai Ministry of Justice and United Nations Commission on International Trade Law rules. He has also testified as an expert witness on international best energy practices.
Adam Quigley
Senior associate, Bracewell (UK) LLP
[email protected]
https://www.linkedin.com/in/adam-quigley/
Adam Quigley focuses on corporate and project development matters in the energy, infrastructure and mining sectors. He advises clients in relation to M&A and the development of projects in the oil and gas sector, with a particular focus on LNG, including in relation to LNG trading, LNG SPAs and the development of LNG infrastructure, as well as disputes in connection with LNG trading and under LNG SPAs. Adam also has experience in the power sector in relation to both thermal and renewable assets.
Kaushal Ramesh
Vice president of LNG and head of gas and LNG analytics, Rystad Energy
[email protected]
https://www.linkedin.com/in/kaushalramesh/
Kaushal Ramesh is vice president of LNG and head of Rystad Energy’s gas and LNG analytics and manages its published LNG research, focusing on LNG trading, shipping and investments. His past advisory work includes project economics, regulatory impact studies, market entry strategies and LNG contract negotiations. Prior to joining Rystad Energy, Kaushal worked multiple roles at ExxonMobil, managing commercial operations of refined products and LNG, and gas and power sales contracts in Asia-Pacific, as well as advising spot cargo traders, LNG contracting and investment decisions as a market analyst.
Peter Roberts
Managing director, Kosmos Energy LNG Marketing Limited
[email protected]
Peter Roberts has worked as a lawyer in the international oil and gas industry (admitted in England and Wales and in Hong Kong) for over 30 years, with extensive transactional experience worldwide in the upstream, midstream and energy M&A sectors gained in-house (including as a general counsel and a commercial director) and as a partner in private practice. He has worked on a number of LNG projects and transactions. He is a visiting professor of law at Austral University (Buenos Aires) and is the author of a number of oil and gas textbooks.
Philip Roche
Partner, Norton Rose Fulbright LLP
[email protected]
https://www.linkedin.com/in/philiproche7/
Philip Roche is a maritime disputes and legal risk management lawyer based in London. He has wide experience of the shipping and offshore energy sectors together with marine insurance, regulatory issues and general marine commercial disputes. He drafts contracts and deals with disputes relating to agreements such as shipbuilding and repair contracts, charterparties, port usage agreements and ship scrapping. As part of this, he advises on managing operational, legal, commercial, environmental and regulatory risk. Philip is involved in the firm’s decarbonisation practice and has been advising clients on regulations such as the carbon intensity indicator, the EU Emissions Trading Scheme and the FuelEU Maritime Regulation, together with other ESG issues such as ship recycling, cybercrime, sanctions and anti-bribery.
Philip previously served as a deck officer in the Royal Navy and spent five years in Norton Rose’s Piraeus office. He is a Younger Brother of Trinity House, a supporting member of the LMAA and currently co-heads the global shipping team at Norton Rose Fulbright.
Elio Ruggeri
Managing director, Snam FSRU Italia Srl (Snam Group); Executive director, Snam LNG Terminals and Shipping; chairman, GNL Italia SpA
[email protected]
https://www.linkedin.com/in/elioruggeri/
Elio Ruggeri is an executive director at Snam. He is in charge of the LNG business at Snam, one of the largest European transmission system operators. In his current role, he supervises the existing portfolio of assets and global development opportunities, serving as chairman and chief executive of the LNG assets companies of the Snam group. Previously, as senior vice president, international assets, he managed Snam’s participation in various European energy companies, serving as board member in DESFA, IUK and Terega.
Prior to joining Snam, he was senior vice president for gas supply and infrastructures at Edison SpA, where he spent almost 20 years with increasing responsibilities across the various elements of the gas value chain. Elio is also chairman of Assocostieri, the leading Italian association for energy logistics.
Victoria Salem
Assistant general counsel, finance and tax, Cheniere Energy
[email protected]
https://www.linkedin.com/in/victoria-b-salem/
Victoria Salem is a senior corporate legal executive with extensive experience in the energy sector, focusing on LNG, infrastructure and industrial business within and outside the United States. Currently serving as the assistant general counsel, finance and tax at Cheniere, she is responsible for global legal strategies that support the company’s finance, treasury, tax and insurance functions. Prior to Cheniere, Victoria was responsible for the global finance, major projects and low-carbon ventures legal functions at Occidental Petroleum. She began her career at Latham & Watkins in London and New York, where she specialised in project development and finance. Victoria has extensive experience in the development and financing of major capital projects within and outside the United States, and a deep understanding of energy and industrial business. Victoria has worked on multiple market leading transactions, including Corpus Stage III