We also consider two decisions involving legal principles which are frequently considered in trading disputes.
NEWSTREAM REFINERY ANTIPINSKY RUSSIA SERIES
In this edition we also review a series of decisions which have been handed down recently in the English courts which focus on reimbursement of advance payments in oil/products sale and purchase agreements and prepayment agreements. As such, in this edition we consider the draft Downstream Oil Resilience Bill presented to Parliament by the Secretary of State for Business, Energy and Industrial Strategy in June 2021. It seems that the UK government is laying the groundwork for future regulation, at least in the mid/downstream market to assist the industry and ensure supply as the pace of transition quickens. The Brent crude oil benchmark is itself in transition as the industry considers the inclusion of non-North Sea Oil and other changes in the face of liquidity issues and to ensure the benchmark’s continuing relevance.Ī favourable regulatory and fiscal environment was one of the advantages of North Sea Oil markets in the 1980s. Now, with declining production, aging infrastructure and regulation directed at decommissioning, transition and decarbonisation, it is becoming a bellwether for investors and parties with interests in mature oilfields including so-called “late life specialists”. The North Sea was the backdrop for active and diversified market investment in the 1980s, leading to the establishment of Brent Crude Oil as the world’s key price benchmark.
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