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Economic Sanctions on Oil and Gas Development
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COURSE OVERVIEW
Governments and international bodies have imposed economic sanctions affecting the oil and gas industry in various forms including:
- embargos on the importation of crude oil and finished products
- prohibition on the export of oil field technology and service
- restrictions on financial transactions
- sequestration of assets; and
- limitations on personal travel
Sanctions are adopted for the purpose of achieving domestic and foreign policy goals that range from combating money-laundering to curbing state-sponsored aggression. As a general rule, economic sanctions are primarily imposed on a target-state. However, secondary sanctions can be levelled at third-parties as well.
Commercial and financial organizations must know which countries, transactions, and entities, are subject to economic sanctions. With this awareness, they are able to satisfy their compliance obligations in terms of licencing, reporting and seeking waivers. At the same time, they can structure the terms and conditions of their agreements to provide the flexibility for suspension or termination of performance for the duration of the sanction period.
WHO SHOULD ATTEND
The material in this course has been designed to benefit a cross-section of personnel with the following positions:
- Commercial and financial managers involved in oil and gas operations or trading relationships with Sanction Targets;
- Legal advisers whose oil and gas clients either engage in transaction with, or are themselves, Sanction Targets; and
- Officials in governments where Sanction Targets conduct oil and gas operations or have commercial arrangements
COURSE OBJECTIVES
This course addresses the impact of the current array of international and unilateral economic sanctions on the international Oil & Gas industry. Particular attention is given to:
- Oil & Gas sectors of specific sanction targets (Russia, Iran and Qatar);
- Obligations imposed on compliance under UK, US, EU and UN sanction regimes;
- Secondary sanctions on third-parties in dealing with entities and individuals that are sanction and counter sanction targets;
- Applying for licences and waivers; and
Negotiating and drafting contracts to deal with the imposition of economic sanctions.
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DAY 1
Features of Economic Sanctions
- Trade Embargos
- Financial Restrictions
- Export/Import Prohibition
- Travel Bans
Sanctions Targeted at Oil & Gas
- Restricting light oil and gasoline exports
- Banning the sale of certain oil-related equipment
- Preventing the importation of crude oil, natural gas or LNG
- Prohibiting the use of currency to pay for petroleum transactions
Sanction Setting Bodies
- United Nations
- European Union
- National Governments
Implementation & Administration
UN
- General Assembly
- Security Council
- Member States
European Union
- European Commission
- European Council of Ministers
- Member States
United Kingdom
- Foreign & Commonwealth Office (FCO)
- Border Agency
- HM Treasury, Office of Financial Sanctions Implementation (OFSI)
- Export Control Organization (ECO), Department for Business, Innovation and Skills (BIS)
United States
- Office of the President of the United States
- Office of Economic Sanctions Policy and Implementation (EB/TFS/SPI), Department of State
- Office of Foreign Assets Control (OFAC), Department of Treasury
- Bureau of Industry & Security, Department of Commerce
UAE & Saudi Arabia
- National Cabinets & Council of Ministers
- Transportation Authorities
Sanctions & Targets
- Russia
- Iran
- Qatar
- Other Countries
Russia
- Equipment and technology for unconventional exploration and production
- Joint Ventures
- Gas supply to EU
- Foreign Financing
- Individuals & Firms
Iran
- Purchase of Petroleum & Petroleum Products
- Energy Sector
- Financial Institutions
- Insurance & Underwriting
- US Secondary Sanction ‘Snap-back’
Qatar
- LNG Exports
Others
- Venezuela – US Targeted Sanctions on PDVSA
- Sudan – Partial lifting of US/UN Sanctions
Exercise: Time Charter with subsidiary of Sanction Target
DAY 2
3rd Parties
- Participating in Joint Operations with Sanction Targets
- Procurement of Goods and Services
- Sale of Production
Compliance
- Implementation
UN Subsidiary Organs & Expert Panels
EU Commission, National Implementation
US Office of Foreign Asset Control (OFAC)
UK Office of Foreign Sanctions Implementation (OFSI)
- Obligations
Responsibilities of firms and employees
Application for Waiver, Authorization or License
Self-Reporting
- Penalties
Exercise: Sanction Regime & Waivers for Russian LNG
DAY 3
Sanctions Risk Assessment
- Due Diligence
- OFAC/OFSI Consultation
- Customers
- Supply chain
- Intermediaries, and counter-parties
- Products and services
- Networks, or systems
- Geographic locations
Negotiating & Drafting Contracts in an Era of Economic Sanctions
- Warranty & Disclosure
- Sanctions as Force Majeure
- Suspension & Termination
- Limitation of Liability
- Frustration of Performance
- Insurance
- Unenforceable Restrictions on Trade
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Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
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We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
Instructor
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Dennis Stickley
Biography
Mr. Stickley is an international legal expert in petroleum law who is based in Scotland. Mr. Stickley received the degrees of Juris Doctor from the University of Wyoming and LLM-Energy Law from the University of Utah and has been listed in the Guide to the World’s Leading Energy and Natural Resources Lawyers. In over thirty years of practice, Mr. Stickley has been chief legal officer in petroleum companies, consultant to international development banks, aid programs and law professor. His private sector experience included positions as General Counsel of Petroleum Corporation of New Zealand and Chief Legal Officer for Sinclair Oil Corporation in the U.S. These positions involved negotiation of commercial and financial agreements, oversight of regulatory compliance and the supervision of major litigation. He has been a consultant to the Asian Development Bank, The World Bank, the European Investment Bank and the Trade, Oceans and Natural Resources Division of the Commonwealth Secretariat on petroleum sector policy, gas sales agreements, and project financing for oil and gas development. Mr. Stickley has been an adviser and trainer on negotiations for various petroleum companies including BP, BG Group, Gazprom, KazMunayGas, Perushaan Gas Negera, Pertamina, Petronas, Philippine National Oil Corporation, Total, Shell and Statoil. He was appointed by ECOWAS as the lead negotiator on behalf of four West African governments for the West African Gas Pipeline Project and has conducted training seminars on the development of oil and gas in several West African countries including Benin, Equatorial Guinea, Ghana, Nigeria, Togo, and Cameroon as well as the West African Power Pool. His academic credentials include appointment as Distinguished Visiting Professor for Oil & Gas Law at the University of Wyoming. He is currently Honourary Professor for International Petroleum Law at the University of Dundee Centre for Energy, Petroleum & Mineral Law and Policy. At CEPMLP he has been the Course Director and principal instructor for seminars on Petroleum Industry Negotiations, Petroleum Service Contracts, Gas Industry Contracts, and Downstream Petroleum Law. He is the course author of International Comparative Petroleum Law. His publications include A Framework for Negotiating and Documenting International Petroleum Transactions and A Framework for Negotiating and Managing Gas Industry Contracts. Mr. Stickley’s academic work has been published in the Land and Water Law Review, Tulsa Law Journal and Journal of Comparative and International Law.
Venue
London
