21 Oct 2015

LEAP Phone-In Discussion: Condensate Exports: Legal Background and Contract Language to Establish Parties’ Rights and Responsibilities and to Allocate Risk

Free Phone-In Discussion

Join the experts on November 4th @ 11:30am Eastern for an in depth discussion of the current state of affairs with regards to trade sanctions and antiboycott clauses in oil contracts.

Join the experienced oil export lawyers on November 4th for an in depth discussion of the current state of affairs with regards to the export of condensate out of the United States along with the contract considerations that arise among buyers, sellers, and other stakeholders such as producers, facility operators, pipelines and terminal operators.

In conjunction with the law firm of Sutherland Asbill & Brennan LLP, LEAP is proud to organize this 1-hour event with Jacob (Jake) Dweck and Shelley Wong of Sutherland’s Energy Group. Over the past two years, Sutherland has been at the forefront of oil exports law. Jake and Shelley served as counsel in ushering changes in condensate exports by obtaining the Enterprise classification from the Bureau of Industry and Security (BIS) at the Department of Commerce — the first time the US Government allowed the export of lightly processed crude oil — and subsequently for self-classification of processed condensate. They are also responsible for helping guide the BIS criteria for the re-export of Canadian crude oil from the United States.

Jake has a diverse energy law and policy practice spanning four decades, including oil, natural gas and LNG, electric power, climate change, trade and customs, FCPA and trade sanctions, renewable resources and energy futures and derivatives. He built and led practices in LNG (and a widely-followed blog LNGLawBlog.com), oil spill and emergency response, energy trade and customs, creditors’ rights, energy government enforcement and others. Shelley focuses her practice on energy and environmental matters arising from the trade and movement of physical commodities, including oil exports, EPA’s Renewable Fuels Standard, customs import matters and risk and liability arising from transportation and storage.

Jake and Shelley will discuss the following:

  • Legal framework for crude oil/condensate export restrictions
  • Policy and market background for allowed condensate exports
  • Rules and compliance for the exports of processed condensate
  • Prospects for change in crude and condensate exports
  • Key considerations in negotiating the export-related provisions in condensate PSAs and transport/storage contracts
  • Lessons learned from recent exports experience and in dealing with governmental agencies

In addition, Jake and Shelley will suggested set of export-related clauses, or possible changes to existing clauses, that may be considered by LEAP’s North American Contract Improvement Committee as industry standards to be published on our website in the near future. These will include:

  • Representations and warranties
  • Limitations of Liability
  • Indemnification
  • Effect of Change in Law
  • Force Majeure

There will also be a short Q and A session at the end of the presentation.

REGISTRATION IS NOW CLOSED.

If you are interested in attending or want more info on this topic, please contact Kevin Jandora via kjandora@energyleap.org.