Memery Crystal Obtains Successful Judgment in the Commercial Court
Memery Crystal obtained a successful judgment on a number of crucial preliminary issues in the Commercial Court last week acting for Japanese owned energy company, Idemitsu Petroleum UK Ltd, in a dispute with BG over Opex sharing. This dispute also involves Canadian energy group, Talisman Energy.
The case arose from the shared use of an FPSO vessel in the Ross Field and adjoining Blake Field and the basis on which operating expenditure was agreed to be shared between two fields.
Talisman and Idemitsu, licensees of the Ross Field, claimed that BG, the Blake Operator, has failed to pay over £100 million, part of its share of operating expenditure. BG, on the other hand, denies this and claims that it has been overcharged by £35 million.
The case is likely to require two further trials to conclusion and some issues may end up in the Court of Appeal.
Memery Crystal’s team was led by Dispute Resolution Partner Jane Marsden with Associate Ryan Lynch.
Jane Marsden commented: “This is an interesting example of the sort of disputes over expenditure which are becoming increasingly common in the North Sea. We anticipate more such disputes over expenditure, as fields become more marginal.”
This successful judgment follows on from the Memery Crystal team winning the Litigation Team of the Year (The Lawyers Awards 2014) and the Dispute Resolution Team of the Year (The Legal Business Awards 2014). It marked the first time that a firm has won both awards in the same year.
Memery Crystal’s Oil & Gas team is an industry-focused team across the disciplines of the firm, led by dedicated industry specialists supported by partners from the Corporate Finance, M&A, Banking/Debt Finance and Dispute Resolution practice areas. Our lawyers are experts in a wide range of disciplines but all share a common theme – knowledge of and service to the Oil & Gas sector.
Source: Memery Crystal