GAILLE PLLC

Beware the Private Equity Drag Along Clause [Gaille Energy Blog Issue 15]

Posted by scottgaille
On January 23, 2016
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"drag along"

Last year’s tally of bankrupt exploration and production companies stands at 42, with debt defaults of ~$17 billion. Then there are the zombie energy companies that simply assigned their assets to lenders outside of bankruptcy. Who is the likely buyer of all these assets? It’s probably not Big Oil. The majors may not be “distressed,” […]

Posted by scottgaille
On January 16, 2016
0 Comments
"zombie company" "zombie energy company"

The term “zombie company” describes firms that “are still trading, and so half living, but not able to invest or grow to pay off their debts, which is why they are also considered half dead” (Wikipedia – “Zombie Company”). The oil crash is now minting an army of zombie companies. The typical “zombie energy company” […]

Posted by scottgaille
On January 8, 2016
0 Comments
"lower for longer" "swing producer"

The news is filled with articles proclaiming that American shale has become the new “swing” producer in the global oil market. This means that other nations, such as Saudi Arabia, can continue to produce as much oil as possible, at constant rates. When surpluses (or shortages) ensue, American shale producers simply reduce (or increase) their […]

Posted by scottgaille
On January 1, 2016
0 Comments
FCPA

In a surprising move, the Brazilian Public Prosecutor’s Office has levied corruption charges against the former chief compliance officer (the “CCO”) of SBM Offshore – who joined SBM from Allen & Overy, where he co-chaired the firm’s corporate practice group. The CCO was named along with other SBM executives in Brazil’s ongoing bribery probes. At […]

Posted by scottgaille
On December 24, 2015
0 Comments
energy phoenix, oil crash

The last year was a difficult one for many of us in the oil and gas business. The assets so carefully accumulated by our companies were devastated by low commodity prices. It didn’t matter how perfectly the wells were drilled or how cleverly the contracts were drafted. The assets simply did not make money. Treasuries […]

Posted by scottgaille
On December 18, 2015
0 Comments
asteroid mining, space law

“[W]e are at the dawn of a new era in commercial space exploration.” – Elon Musk Last month, President Obama signed the U.S. Commercial Space Launch Competitiveness Act (“Space Competitiveness Act”). Among its provisions was the following: “A United States citizen engaged in commercial recovery of an asteroid resource or a space resource under this […]

Posted by scottgaille
On December 11, 2015
0 Comments
venezuela

Dramatic political changes are underway across South America. Earlier this week, Venezuelans handed the opposition control over their National Assembly – the first time in almost two decades that Hugo Chavez and his successors had lost a national election. It’s hardly a surprise when polls show that 89% of Venezuelans believe their country is faring […]

Posted by scottgaille
On December 4, 2015
0 Comments
climate change, paris climate change conference

“It is not the strongest of the species that survives, not the most intelligent that survives. It is the one that is the most adaptable to change.” – Charles Darwin On my recent visit to the Galapagos Islands, naturalists were abuzz with worry about global warming. What would become of the islands’ wildlife if their […]

Posted by scottgaille
On November 27, 2015
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Independent Voting, Wisdom of Crowds

The modeling of uncertainty is fundamental to board approvals of energy investments. Technical teams analyze data, seeking to estimate (i) the likelihood of hydrocarbon accumulation (or chance of success) and (ii) how much oil and gas will be produced over time – including initial production rates, decline profiles, and recoverable reserves. Companies rely on these […]

Posted by scottgaille
On November 21, 2015
0 Comments
ISIS, ISIS oil, oil smuggling

ISIS reportedly produces about 40,000 barrels of oil per day. Even assuming a black market discount of $20 per barrel, it is annually netting ~$300 million. Coalition planes often have targeted both the ISIS oil fields and its tanker trucks. Not surprisingly, with revenues of $1 million a day, ISIS has been able to hire […]

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Blog

Beware the Private Equity Drag Along Clause [Gaille Energy Blog Issue 15]

Zombie Energy Companies [Gaille Energy Blog Issue 14]

The Shale Fallacy: Why American Shale May Not Be a Reliable Swing Producer [Gaille Energy Blog Issue 13]

Former Allen & Overy Partner Charged in Petrobras Corruption Case [Gaille Energy Blog Issue 12]

The Energy Phoenix: Stories of Resilience in the Oil & Gas Industry [Gaille Energy Blog Issue 11]

Elon Musk & Han Solo: New Space Law Establishes Property Rights for Asteroid Mining [Gaille Energy Blog Issue 10]

Has the Oil Crash Ended South America’s 21st Century Socialism? [Gaille Energy Blog Issue 9]

Energy Evolution: What the Climate Change Conference Can Learn from Charles Darwin [Gaille Energy Blog Issue 8]

Use of Independent Voting to Estimate Project Uncertainty [Gaille Energy Blog Issue 7]

Could Chemical and Gamma-Emitting Tracers Be Used to Enforce the Oil Embargo Against ISIS? [Gaille Energy Blog Issue 6]