Euromoney Legal Training

Course overview:

The oil and gas industry is capital intensive, with long time periods prior to economic payback. As such, the financing of operations is a constant challenge for the management of any oil and gas entity. There are a variety of methods for financing operations, including private equity, capital markets, commercial loans and project financing, each with different characteristics. The forms of funding available vary according to the status of the operations in question and the associated  contractual matrix.

This workshop will consider the various forms of funding available to oil and gas industry participants, the stages at which such funding becomes available, the legal forms that may be used with each type of funding, the obligations created by those forms and the principle legal issues that impact upon and specific issues that affect the forms.

How this course will help you:

The course will cover:

• The contract matrix in the oil & gas industry
• Key agreements and examples of those agreements
• The relationship matrix from a contractual and a corporate perspective
• The legal principles that shadow relationships
• Specific issues affecting relationships

Who should attend:

• Commercial managers in the oil and gas sector
• Insurance and risk managers
• In-house lawyers involved in oil and gas sector
• Lawyers in private practice involved in oil and gas law

Day 1

Self funding

• Shareholder agreements
• Loan agreements

Industry funding

• Sale of interests
• Farm-outs
• Offtake commitments
• Royalty interests

Private equity funding

• Warrants
• Royalty interests

Day 2

Capital markets

• Public offer of equity securities
• Forms
• Offer for subscription
• Offer for sale
• Placings and intermediaries offers
• Regulatory framework
• Mandatory prospectus disclosure regime
• Public offer of equity securities by private companies
• Corporate Bonds
• Terms of bonds
• Structure issues
• Issuance and trading of bonds
• Regulatory framework

Debt markets

• Commercial loans
• Overdrafts
• Term loans

Day 3

Project finance

• Introduction
• Risk phases
• Engineering and construction
• Start-up
• Operations
• Risk
• Credit risk appraisal
• The offering memorandum
• Types of capital and debt
• Equity
• Subordinated debt (mezzanine financing or quasi-equity)
• Senior debt
• Financial instruments available for use in structuring
• Direct financing route
• Indirect financing route
• Loans
• Bonds
• Leasing
• Entities for projects
• Companies
• Partnerships
• Limited partnerships
• Limited liability partnerships
• Contractual joint ventures
• Trusts
• Extent of recourse
• Security
• Guarantees
• Owner guarantors
• Third-party guarantors
• Coverage of guarantees
• Types of guarantees
• Insurance
• Political risk insurance
• Sponsor documentation
• Pre-development agreements
• Shareholders’ agreement / joint venture agreement
• Sponsors’ support agreement
• Loan and security documentation
• Project loan agreement
• Security documentation
• Project documentation
• Concession agreement / licences
• Construction contracts
• Operating and maintenance agreements
• Supply agreements
• Sales/offtake agreements
• Other project documents
• Multilateral lending agencies and export credit agencies
• Contractors, trade creditors and vendor financing
• Commodity/production loans
• Forward sales/purchases

Major issues

• Carried positions
• Risk and risk allocation
• Representations and warranties
• Security
• Force majeure
• Actions of the State
• Default
• Enforcement

Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.

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