Akin Gump Strauss Hauer & Feld LLP

11/15/2022 | Press release | Distributed by Public on 11/15/2022 07:51

by Paul Greening, Matt Hardwick, Alex Harrison, Daniel L. Giemajner

Key Experience

  • Advises on international energy, utilities and infrastructure projects across Asia, Africa, Latin America, North America and the Middle East.
  • Holds particular experience in Liquid Natural Gas (LNG) project development.
  • Also handles cross-border mergers and acquisitions and divestitures.

Practice

Paul Greening advises a range of clients-including private equity and fund investors, project sponsors and developers-on international energy, utilities and infrastructure projects. The bulk of his practice includes energy-related, cross-border transactions; oil and gas contracts; project development; and associated trade compliance and maritime law advice.

More specifically, Paul handles energy matters related to LNG, including natural gas and LNG sale and purchase agreements and LNG project development. His clients value his hands-on approach and deep understanding of complex commercial issues specific to the industry. Paul helps clients maximize their returns while keeping close watch on the keen interest that regulators in key markets have taken in LNG sale terms.

Representative Work

Mergers & Acquisitions

  • Panthera Thailand Pte Ltd (Panthera) in the successful negotiation of joint arrangements with Valeura Energy Inc. (Valeura) to establish Panthera Resources, a Singapore-domiciled special purpose vehicle (SPV). The SPV company served as the buyer entity for Valeura's recent acquisition of KrisEnergy International (Thailand) Holding Ltd and there upstream E&P assets in the Gulf of Thailand.
  • Eni in their negotiation of a JV arrangement with a fund belonging to Copenhagen Infrastructure Partners for the development of offshore wind projects in Poland.
  • A major global commodity trader on:
    • their potential investment in an international LNG project company that is developing LNG import terminals in developing markets, including a review of underlying concession agreements, supply contracts, joint development agreements, EPC contracts and O&M services arrangements; and
    • its bid to acquire 100% of the shares in a special purpose vehicle set up by Eneco to develop, construct and operate a combined cycle gas turbine power project in Manage, Belgium.
  • A Middle East sovereign wealth fund in respect of their investment into a KKR fund that ultimately acquired a 20% stake in Sempra Infrastructure Partners. SIP combines Sempra LNG, a developer of LNG export infrastructure, and Infrastructura Energética Nova (IEnova), which is engaged in developing renewables and natural gas infrastructure in Mexico
  • CKR Resources on their potential raising of finance for their acquisitions of upstream oil and gas interests across South East Asia.
  • A Middle-East based fund on its further co-investment in a US based strategic investments fund focused on precious metals assets and opportunities, as well as in certain base metals, including copper, nickel and zinc.
  • JX Nippon Oil & Energy on its acquisition of an interest in an 1,100 MW gas fired power plant in the PJM market in the United States from power developer Advanced Power. We advised on all aspects acquisition including due diligence, corporate, regulatory, environmental, competition, structuring, power and gas market issues and tax.
  • An Asian National Oil Company in relation to its bid for operating oil and gas production, processing and multi-country pipeline infrastructure assets in Central Asia, including detailed due diligence on production sharing contracts, joint operating agreements and downstream marketing and transportation arrangements.
  • Amajor Chinese metals company in relation to its successful acquisition of a 49% interest in a major Tungsten deposit in Kazakhstan from the Hong Kong based owner for US$200 million.
  • Blackpeak (Holdings) Limited, an investigative research firm with offices in Singapore, Hong Kong, PRC, Japan and US in the sale of 100% of its business to Acuris, a provider of global data, intelligence, research and analysis.
  • Hopu Investments, a leading private equity investment firm, as both an equity participant in and lender to New Age Africa (UK entity engaged in upstream development of oil and gas assets in Sub-Saharan Africa), including advising on its US$100 million acquisition of further tranches of equity interests in New Age and continued advice as this project moves through to the LNG export project development and LNG marketing phase.
  • A Middle East based fund in connection with its equity participation in the owner, developer and operator of natural gas pipelines in Mexico.
  • Masdar, one of the world's leading sustainability investors and renewable energy, in respect of proposed acquisition of a majority shareholding interest in Instavolt Limited from Renewable Energy and Environmental Infrastructure Fund II.
  • A major U.S. based private equity fund on its proposed acquisition of Santos' producing upstream oil and gas interests across SE Asia.
  • A major sovereign wealth fund in relation to its bid for a Malaysian offshore field, including detailed review of production sharing contracts, joint operating agreements and gas sales arrangements
  • Woodside in connection with its $2.75 billion acquisition of Apache's Australian Wheatstone LNG and Balnaves oil interests and Kitimat LNG project interests in Canada, including undertaking due diligence on unincorporated joint venture structures, joint operating agreements and LNG supply contracts for the Wheatstone LNG project.
  • A U.S.-based private equity fund on its proposed acquisition of a major downstream refining and distribution business in Australia, including detailed review of master distribution arrangements and key supply and offtake arrangements for refined products
  • Zhenhua Oil in its acquisition of upstream interests in Egypt from an independent company focusing on petroleum exploration and gas exploration in 2014, including detailed review of upstream concessions, joint operating agreements and offtake/marketing arrangements.
  • A leading U.S.-based private equity fund in its proposed acquisition of upstream interests in Indonesia, including a detailed review of production sharing contracts and joint operating agreements across each relevant field.
  • A U.S.-based private equity fund on its proposed acquisition of interests in a major developer of LNG transportation, floating regasification and storage, and floating LNG production infrastructure.

Project Development - Energy/Infrastructure

  • A major global tech company on their roll-out of subsea fibre optic cable projects across Asia, including project development support to our international trade and sanctions team to advise on all aspects of trade controls, sanctions, export and import control issues and anti-bribery and corruption that are relevant to the development and operation of the subsea network infrastructure and to allocate risk across the suite of subsea network project development agreements.
  • A U.S. based start-up on their earlier stage development of a green hydrogen project in Oman. Our advice to date has included initial structuring advice and negotiation and finalization of MOUs/framework agreement with the Oman government to support the development of an onshore wind project which will serve as the generation required to develop a large-scale hydrogen export project in the Sultanate.
  • A prospective investor in connection with its proposed investment in the Solawara 1 Papua New Guinea Subsea Mining Project, including drafting and negotiating operating agreement under which the prospective investor will undertake the subsea mining work in relation to the project.
  • Government of Mongolia in reviewing and renegotiating mine concession and financing arrangements for the Oyu Tolgoi mining project, one of Mongolia's largest copper mines.
  • Energy Capital Vietnam in the early stage development of a private LNG import terminal and gas-fired power plant in Vietnam. Total project size is anticipated to be up to 3,200MW
  • J-Power in relation to its investment in a consortium with KHI, Iwatani, Marubeni and AGL and with the support of the Australian and Victorian Governments in relation to the development of a $500 million Hydrogen energy supply chain demonstration project in Victoria. The project involves gasifying brown coal, refining the gas to extract hydrogen and then liquefying the hydrogen for export and regasification.
  • A major European NOC developing oil, gas, wind and solar energy in more than 30 countries, in respect of various shareholder/joint venture agreements with Asia based counterparties relating to domestic upstream oil and gas projects in Russia.
  • A regional NOC in relation to arrangements to transition all operations from existing holders of the relevant concessions. The fields are substantial operating blocks with significant assets and infrastructure and involves major oil companies.
  • Valero Energy Corporation in negotiating a contract for the import of refined petroleum products through the new terminal of the Port of Veracruz, Mexico.
  • Anadarko (now Total) in connection with the structuring of common facilities usage arrangements for the development of its Mozambique LNG export project
  • Tellurian in connection with project structuring, equity financing, real estate and litigation matters in regard to its proposed Driftwood LNG export project in Southwestern Louisiana on the U.S. Gulf Coast.
  • A regional National Oil Company (NOC) in relation to arrangements to transition all operations from existing holders of upstream concessions to new operator. The fields are substantial operating blocks with significant assets and infrastructure and involves major international oil companies.
  • Santos as a joint venture partner and lead developer of the GLNG LNG project in Queensland, Australia, including drafting the agreement for joint development of the project, reviewing and commenting EPC arrangements, and advising on the sell-down of interests to joint venture partners.
  • Reliance Industries in the formation of a 50:50 gas marketing joint venture for sourcing and marketing natural gas (including from LNG), and developing an LNG and natural gas infrastructure in India.
  • A project developer in connection with the development of a floating LNG liquefaction facility project in Canada.
  • A project developer in connection with the development of an offshore floating LNG storage and regasification facility project in Chile, including the drafting and negotiation of a charter agreement and terminal services arrangements.
  • A U.S. exploration and production company in connection with an FPSO project offshore Western Africa, including drafting a full suite of EPC and O&M contracts as part of the tender package.
  • A U.S.-based oil and gas client with the structuring of an LNG export project in British Columbia, including negotiation of selldown and joint venture arrangements.
  • A major U.K. gas company with the joint venture structuring for the development of a proposed Gulf of Mexico-based LNG export project.

LNG Marketing/Gas Supply and Crude Trading

  • A major IOC in the negotiation of long term LNG offtake agreement with a North Asian buyer. In addition to drafting and negotiating the SPA, we also provided advice in relation to credit support arrangements and dispute resolution mechanisms.
  • A Texas-based project developer with advice regarding the formation of entities and structuring of an a LNG project in the Gulf of Mexico, including negotiation and execution of long term LNG sale and purchase agreements customer contracts and the raising of capital.
  • GAIL Global Singapore on all aspects of their LNG marketing business, including development and negotiations of master sale and purchase agreements, review of trade financing terms and shipping arrangements.
  • Anadarko as the operator and lead developer of the Mozambique LNG Project in relation to the signing of a sale and purchase agreement (SPA) with JERA Co., Inc. in Japan and CPC Corporation in Taiwan. The agreement calls for the delivered ex-ship supply of 1.6 million tons per annum of liquefied natural gas (LNG) for an initial term of 17 years.
  • Anadarko as the operator and lead developer of Mozambique LNG (MZLNG) project in relation to the development of a master LNG sales agreement for short-medium term and spot trading of LNG cargoes from the MZLNG project.
  • One of Asia's largest conglomerates in connection with long-term LPG purchases from the Gulf Coast, USA.
  • A global fuel supply trading company in respect of the development of their framework crude oil trading arrangements with a major commodity trader for fuel supply into Mauritius.
  • A Singapore-based LNG company, in connection with analysis of LNG terminal use issues and interface/pass through mechanisms under offtake arrangements with LNG suppliers.
  • A major IOC (Singapore office) in connection with various upstream oil and gas related research tasks and benchmarking exercises, including training of key regional staff on legal issues relating to joint operating agreements, gas and LNG supply contracts.
  • A major Indian oil and gas company in a review of their various LNG offtake arrangements.
  • A major European gas company in connection with its further development and negotiation of gas transportation, gas sales and LNG terminal use arrangements in Southeast Asia.
  • An independent exploration and production company in connection with the development of its upstream gas assets in offshore Malaysia, including negotiation of gas sales arrangements into a proposed FLNG facility.
  • A major U.K. gas company on the structuring of its LNG marketing arrangements into South America, and negotiation of LNG sale and purchase agreements.

Restructuring

  • The bondholder group and bond trustee in connection with bonds issued by G3 Exploration Limited (in liquidation), the largest independent producer and distributor of coal bed methane in China, including providing enforcement advice in respect of the appointment of receivers over an operating subsidiary and ongoing advice in relation to the interpretation of the project's production sharing contracts and other related upstream agreements.
  • An international hedge fund in respect of potential acquisition of loans, which total over US$3 billion, made to a distressed Singaporean downstream oil & gas services group, currently the subject of restructuring proceedings in Singapore.
  • The official committee of unsecured creditors of Diamond Offshore Drilling, Inc., an offshore drilling contractor and owner and operator one of the world's largest fleets of offshore drilling rigs.
  • A large hedge fund client on their potential acquisition of a distressed debt position in Hin Leong Trading, a major Singapore commodities trader that is currently under judicial management.
  • Ad hoc group of senior unsecured creditors in relation to the financial restructuring of in excess of US$3.5 billion of US and English law governed bond and bank debt, and other unsecured debts of Noble Group Limited.
  • An informal steering committee of holders of S$265 million Medium Term Notes issued by Hyflux Limited, an SGX listed, global environmental solutions company with more than S$2 billion debt subject to s211B moratorium proceedings in Singapore.
  • A leading investment management and research firm, in relation to the refinancing and restructuring of an ASX listed oil and gas company, including a review of corporate and finance structuring issues in both the United States and Australia.
  • The bondholder group, in relation to the proposed debt restructuring of upstream (CBM) company with operations in China, including advice in respect of CBM production sharing arrangements and security position of noteholders.

Maritime and Shipping

  • A major LNG project developer on the structuring of their potential LNG shipping arrangements into India.
  • A major international shipping company with their review of LNG project agreements and charter arrangements in the context of their proposed tender to supply vessels to a major US LNG export project.
  • A major Australian gas company in connection with proposed LNG shipping arrangements for sales of LNG (on an ex-ship basis) from its GLNG LNG project into Southeast Asia.
  • A U.S. exploration and production company in connection with an FPSO project offshore Western Africa, including drafting a full suite of EPC and O&M contracts as part of the tender package.
  • A major Australian gas company in connection with a review of new build LNG ship time charter parties in respect of proposed LNG shipping arrangements for sales of LNG from the PNG LNG project.

Speeches

  • 2022 Energy Briefing Hosted by Akin Gump focusing on hydrogen and green ammonia, and the overall clean energy transition in addition to energy and infrastructure policy, February 2022.
  • 2nd Annual APAC Hydrogen Summit 2021, on the panel "APAC's Next Generation of Hydrogen Projects: Finance, Regulations and Policies", December 2021.
  • APAC Energy Council Assembly, moderated a session "Thriving in a Low Carbon Era: Oil & Gas Companies of the Future", April 2021.
  • AIPN, The Coming Decommissioning Wave in Asia Pacific, April 2021.
  • The Coming Decommissioning Wave in Asia Pacific, Akin Gump Webinar (co-host with Gaffney Cline), March 2021.
  • OPEC, The Energy Market and The Global Economy, AmCham Singapore, September 2020.
  • The Outlook for Global and Asia Regional LNG, Akin Gump Webinar, July 2020.
  • APAC Oil and Gas Assembly 2019: moderated panel discussion on "NOCs and opportunities/challenges in a new energy era", January 2019.

Public Service and Affiliations

  • Member, Association of International Energy Negotiators, Singapore Chapter.
  • Pro bono lawyer, Justice Without Borders.
  • Pro bono lawyer, International Service for Human Rights.
  • Pro bono lawyer, Soros Economic Development Fund.

Recognition

  • The Legal 500 Asia-Pacific, Energy, 2019 to 2022, and Projects, 2018 to 2022.
  • Who's Who Legal: Global Leader and ranked as recommended, Energy - Oil & Gas 2022.
  • Who's Who Legal: Global Leader and ranked as recommended, Energy - Power/Electricity 2022.
  • Who's Who Legal: National Leader and ranked as recommended, Southeast Asia - Energy 2022.