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ARTICLE · 18 JUNE 2020

Assessing The Risk

Mayer Brown
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The world remains hungry for energy and the prevalent contribution of hydrocarbons to the energy mix will not change overnight.

United KingdomEnergy and Natural Resources
Jonathan Hosie
Jonathan Hosie
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The world remains hungry for energy and the prevalent contribution of hydrocarbons to the energy mix will not change overnight. When participants in the sector start to plan for a future of rising oil prices, mothballed investment decisions will be dusted off and re-assessed. One factor in that process will be to consider the type of contract structure required for the delivery of the project. In the oil & gas sector, there are many examples but at the core is the traditional EPC model, where an owner engages a contractor to undertake the engineering, procurement and construction of a facility in return for payment of a lump sum price.

The completion risks that are allocated to the contractor under this EPC model are generally those which impact on the cost and time to complete the completed facility. Many factors will impact the management of these completion risks. This article focuses on just one but important such risk, being the risk of a change in law.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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