Our Global Energy practice supports energy companies and financial entities in the drafting of specialized agreements pertinent to the particular energy sector involved. We regularly counsel public and private companies in these matters and often are able to help them evaluate the risks in various transactions involving energy assets and products around the globe. The fact that these transactions are increasingly cross-border in nature means that our clients can realize significant advantages in structuring the transactions and coordinating their execution.
Oil & Gas
- Asian pipeline. We represented a member of the Royal Dutch Shell consortium which won the bid to form a joint venture with PetroChina to build, own and operate the 4,200 km West to East Trunk Gas Pipeline for transmitting gas from Xinjiang Province to Shanghai.
- China privatization. We advised Sinopec Zhenhai Refining & Chemical Company Limited, a then Main Board-listed H Share company, on its privatization by China Petroleum & Chemical Corporation by way of merger by absorption under the Company Law of the People's Republic of China. Sinopec Zhenhai was privatized in March 2006 and delisted in May 2006. This was one of the few privatizations of a H Share-listed company under the Hong Kong Takeovers Code.
- Colombian acquisition. We advised Kappa Energy, a leading independent Colombian upstream oil and gas company, in connection with its sale to Pacific Rubiales Energy Corp. for $168 million.
- Energy trading. We represented Fortis Bank S.A./N.V. in its $700 million acquisition from Duke Energy of its Cinergy gas, power trading and marketing businesses in the US and Canada. As part of the acquisition, our regulatory team obtained approval from the Federal Reserve Board for the client to engage in energy trading activities as an activity "complementary" to activities that are financial in nature.
- Gas distribution. We acted for Hong Kong and China Gas Company Limited ("Towngas") in forming a city-piped joint gas venture in Nanjing City, Jiangsu Province. The project was effectively an acquisition by Towngas of the assets and business operations previously owned and managed by the government-controlled gas local distribution company in Nanjing.
- Gas merger. We represented Devon Energy Corporation in its $5.3 billion combination with Ocean Energy, Inc. The merger created the largest US-based independent oil and gas producer with production of approximately 650,000 equivalent barrels of oil per day, and an enterprise value of approximately $20 billion.
- Gas transmission acquisition. We represented long-standing client TransCanada Corporation in connection with its $3.4 billion acquisition from El Paso Corporation of interests in ANR Pipeline Company, ANR Storage Company and an additional interest in Great Lakes Gas Transmission Limited Partnership (Great Lakes) and the related financing.
- LNG joint venture. We advised Cosco and China Merchants on the establishment of two joint venture ship-owning companies and a Sino-foreign joint venture management company in relation to the acquisition and chartering of two 147,000 cubic meters membrane-type LNG vessels for transportation of LNG from the Northwest Shelf of Australia to Shenzhen, China. The deal was shortlisted as "Project Finance Deal of the Year 2003" by International Financial Law Review.
- Panama/Costa Rica. We represented Petroleos Delta, an affiliate of Banco General (Panama), in the acquisition of various gas stations in Panama and Costa Rica owned by Royal Dutch Shell.
- Sale of regulated entity. We represented Southwestern Energy Company in the sale of its wholly-owned subsidiary, Arkansas Western Gas Company (a regulated gas local distribution and transportation company) to SourceGas LLC, which is owned by Alinda Investments LLC.