Oil and Gas
The oil and gas team at Udo Udoma & Belo-Osagie developed its initial experience in oil and gas when we acted as legal advisers in the negotiations leading to the formation of Nigeria LNG Limited, which operates the Nigeria liquefied natural gas project, under the government of the former President of Nigeria, Shehu Shagari. The team continued to develop our experience when our founder , Senator Udoma Udo Udoma, served as a member of the LNG Working Committee, providing legal support to the Committee and reviewing and advising on the legal issues and problems that were likely to be encountered in raising financing for the LNG project. Since this initial LNG experience, the team has advised on various oil and gas investments and represented both multinational and Nigerian oil firms in negotiating oil and gas investment transactions.
We have advised various clients on matters such as the regulatory framework for oil and gas in Nigeria; tile processes and procedures for obtaining authorisations from the Department of Petroleum Resources, the Nigeria Content Development and Monitoring Board and the Nigerian Export Processing Zones, licensing procedures under the bidding rounds; joint ventures, investments, technical service and management relationships with local companies; the tax regime applicable to oil and gas transactions in Nigeria; the viability of certain proposed oil and gas investor financing arrangements under Nigerian law, foreign investment in companies operating within the Marginal Oil Fields Programme and on negotiating, drafting and resolving disputes under petroleum industry contracts. The team also provides advice and dispute resolution representation and support to multinational and indigenous exploration and production companies and oil service companies.
The team assists strategic investors in the emerging natural gas and energy sectors with structuring their investments and formalising their arrangements with local partners within the available legal and regulatory framework.
The team’s regulatory advocacy work has included participating in a team of local and international consultants that advised on a strategy for the development of the downstream gas sector and drafted a downstream Gas Act.
News & Insights
“It has been a wonderful experience working with the UUBO teams. They are extremely competent and hardworking professionals. They work diligently, thoroughly, timeously and exceptionally on all our matters. They always exhibit commitment towards our matters and keep us updated at every step. Agreements, opinions, and other legal documentation prepared by them is always well written, well researched and sound. We are pleased with the favourable outcomes of all matters that they have handled on our behalf. Their expertise is unmatched and we will recommend the firm to prospective clients.” – Legal 500, 2021
“Very knowledgeable, able to decipher and understand commercial issues and offer pragmatic solutions.” – Legal 500, 2021
“An excellent and knowledgeable team of lawyers who provide timely legal support.” – Legal 500, 2021
UUBO is pleased to have advised on the offering of US$650 million in guaranteed senior notes by *Seplat Petroleum Development Company Plc* on the London Stock Exchange. The firm acted for Citigroup Global Markets Limited, J.P Morgan Securities Plc, Nedbank Limited, Rand Merchant Bank, Société Générale, The Standard Bank of South Africa Limited, Standard Chartered Bank, Natixis, FCMB Capital Markets Limited, UBA Plc, United Capital Plc and Zenith Bank Plc (as Initial Purchasers)
The transaction is the largest ever oil and gas bond offering by a Nigerian-based issuer in the international capital markets, and was concluded despite the current challenges of the Covid-19 Pandemic.
The UUBO team was led by the firm’s Senior Partner, Dan Agbor and Partners Yinka Edu and Nicholas Okafor, with support from Kunle Durosinmi-Etti (senior associate) as well as Marcus Ovie Ojaruega, Chinomso Odega, Bolaji Odekunle, Supreme Unukegwo and Oluwatobi Akintayo (associates).
We are delighted to have advised Seplat Energy Plc on this landmark transaction.
The transaction was led by partners Folake Elias-Adebowale, Yinka Edu, Adeola Sunmola and Festus Onyia working with a multi-disciplinary team of associates.
For more information about UUBO’s market leading oil and gas, mergers & acquisitions, financing, capital markets, disputes, employment and other service offerings, please email us at email@example.com or visit www.uubo.org.