Search

The world exists in an era of decarbonisation and energy transition, where the impacts and experiences vary widely across jurisdictions. In recent years, the trend against funding oil and gas projects has grown, and the uncertainty of investment has contributed to commodity price volatility and heightened concerns regarding energy supply and security in the mid to long term. This volatility and rapidly rising commodity prices have been exacerbated recently by Russia's invasion of Ukraine, with associated sanctions and turmoil in energy markets. These market realities are broadly impacting resource-exporting and -consuming countries, energy companies, workers, consumers and the global economy. While there is a widely accepted recognition that energy transition must happen, global unrest and market realities are demonstrating that it also needs to occur in an orderly and properly paced fashion that is economically and politically sustainable, in order to mitigate adverse outcomes. This summary reflects expert panelists' exploration of the balancing act of keeping the oil and gas industry healthy and stable in an era of transition, focusing on two themes: the need to continue to support the development of oil and gas projects that are aligned with current and future climate standards; and the regulatory trends to accelerate the reduction of carbon emissions and achieve the right pace of energy transition, while ensuring that 'the lights stay on' and other sustainable development goals are also met. [ABSTRACT FROM AUTHOR]

Oil and gas companies are constantly in search of opportunities to expand their resource base and create value. Emerging markets can provide companies with opportunities for significant rewards, especially in regions where oil and gas resources may be underdeveloped and where new technologies have not yet been exploited. However, emerging markets also pose numerous challenges and risks, which can potentially lead to significant legal and reputational damage. This article explores key legal risk areas for oil and gas companies in emerging markets and best practices for managing those risks and operating in a socially responsible way, recognizing that risk management centers around controlled and reasoned decision-making, not eliminating risk. The article is intended to provide a high-level overview of the key legal risk areas and mitigation strategies to serve as a guide for directors and management teams operating in these challenging regions as opposed to providing a comprehensive discussion on any particular risk area. [ABSTRACT FROM AUTHOR]

This article explores the risks associated with energy transition projects and provides strategies for mitigating those risks. The risks identified include permitting and regulatory challenges, social impacts, operational difficulties, and geopolitical risks. Permitting delays and regulatory uncertainty can hinder the deployment of renewable energy projects, while the construction of large-scale projects can have negative effects on economic inequalities and Indigenous communities. Operational risks arise from operating in remote areas with inadequate infrastructure. Geopolitical risks can manifest through trade controls and the weaponization of regulations. The article also discusses the challenges of environmental, social, and governance (ESG) risks and provides best practices for mitigating them, emphasizing the importance of ESG due diligence. The article concludes by highlighting the need to address these risks in order to attract investment and effectively advance energy transition projects. [Extracted from the article]