The first two decades of the 21st century have introduced both strategic opportunities and significant challenges for the energy sector. Industry players across the world are faced with high levels of uncertainty, notably stemming from price volatility and changing geopolitical dynamics. 

Shearman & Sterling’s Global Energy Group is a full-service, experienced and integrated team. We work with clients to navigate challenging transactions and disputes by drawing on experience across the firm, providing wide-ranging legal and commercial insight. We partner with our clients to provide cutting-edge advice across the globe and the energy spectrum — oil and gas, conventional electricity generation, renewable energies and nuclear.

These needs include the full spectrum of transactional work that drives strategic growth: project finance, M&A, capital markets and restructuring as well as supporting clients to protect value through dispute work, including international arbitration, commercial litigation and antitrust.

Energy Innovation by Shearman

Shearman & Sterling has launched its Energy Innovation Hub, a digital resource for energy innovation developments, articles, events and news that highlights the Firm’s deep technical expertise and experience in the key technologies that are transforming the energy, industrial and transport landscapes.
The hub highlights the following technologies: Hydrogen; Carbon Capture, Usage and Sequestration (CCUS); Energy Storage; and Green Industry (green steel, aluminum, ammonia, cement and mining).

To learn more, visit our Energy Innovation Hub by Shearman.

Oil & Gas

• Yukos Oil Company, Russia | Represented the majority shareholders in the former Yukos Oil Company in three arbitrations against the Russian Federation. Secured a US$50 billion arbitral award, the largest arbitral award ever rendered, plus 75% legal fees and 100% arbitration costs.
• Gas Price Review, Europe | Representation of a European energy company, seller in a long-term gas supply agreement, as Respondent in a gas price review arbitrationof brought by a European energy company (as buyer). ICC Rules. Algerian law. USD 1.3 billion at stake.
• ERC Mostorod Refinery, Egypt | Represented project sponsors and the project company on the US$3.7 billion development and financing of its refinery at Mostorod in Egypt, the largest-ever project financing in Africa.
• Sadara Petrochemicals Project, Saudi Arabia | Represented Dow Chemical Company in its joint venture with Saudi Aramco for the development of the $20 billion Sadara petrochemicals project. We also advised as co-counsel on the financing of the project.
• Shah Gas Field, UAE | Represented Abu Dhabi National Oil Company in its joint venture with Occidental to develop the Shah gas field in the south of the United Arab Emirates, together with a natural gas processing plant, new natural gas and liquid pipelines, and a railway.
• Dolphin Energy Limited, UAE | Represented Dolphin Energy Limited on its bond offerings in a combined amount of $1.3 billion.
• Sadara Integrated Chemicals Project, Saudi Arabia | The Dow Chemical Company as co-sponsor of this vast and complex project in a transaction which was awarded ‘Project Finance Deal of the Year’ 2013 at the IFLR Middle East Awards.
• World-First Petrochemicals-Supported Sukuk, Saudi Arabia | The Dow Chemical Company on Sadara's SAR7.5 billion (approx. US$2 billion) sukuk in Saudi Arabia as part of a uniquely complex US$20 billion project financing.
• Sadara – SAAC Saudi Kayan Butanol JV, Saudi Arabia | The Dow Chemical Company on Sadara’s joint venture with SAAC and Saudi Kayan to construct the largest butanol plant in the world.
• SABIC's Acquisition of GE Plastics | Advised Saudi Basic Industries Corporation on its US$11.6 billion acquisition of GE Plastics from General Electric Company.
• ABB Ltd | Advised ABB Ltd. in the sale of its upstream oil, gas and petrochemicals business to a consortium comprised of Candover Investments plc, JP Morgan Partners LLC and 3i Group plc.
• World's Largest Publicly Announced Arbitral Award | Secured a US$2.1 billion award for Dow Chemical in the ICC arbitration brought against a wholly owned subsidiary of Kuwait Petroleum Company, stemming from its withdrawal from a planned joint venture with Dow.

Nuclear

Project Development & Finance

• MENA Nuclear Project | Advising a state authority in the MENA region on the development and financing of a first-in-kind and first-in-country US$25 billion nuclear new build project and negotiating the EPC, Fuel Supply, O&M, and Radioactive Waste Treatment Contracts.
• Turkey Nuclear Project | Advising lenders in relation to the development and financing of a nuclear power project in Turkey
• UK Nuclear Power Project | Advising lenders in relation to the development and financing of a nuclear power project in the UK
• Nuclear Lending Guidelines | Advising a global financial institution on the development of guidelines for lending to nuclear sector projects, companies and transactions
• Middle East Nuclear Project | Advised the government-owned implementing company on the development of the country’s nuclear power programme, including drafting and negotiating to execution the multi-unit, multi-billion dollar EPC/Prime Contract
• Turkey Nuclear Project | Advised a sponsor in relation to the development of a nuclear power project in Turkey
• US Nuclear Project | Represented a nuclear reactor vendor on the development and establishment of its US nuclear business, including its commercial and licensing strategy
• US Nuclear Project | Advised a nuclear reactor vendor on the US Department of Energy loan guarantee application to assist with the financing of a proposed new nuclear power plant under the Energy Policy Act of 2005
• US Nuclear Project | Advised a US nuclear utility on drafting and strategic structuring of the US Department of Energy loan guarantee application to assist with financing of a proposed new nuclear power plant under the loan guarantee program. Also advised at the term sheet stage on the utility’s EPC contracts with multiple possible vendors in the context of its loan guarantee application

Mergers & Acquisitions

• European Nuclear Fuel Company Investment | Advised a nuclear industry company in an investment into a European fuel cycle company.
• US Nuclear Power Plant Purchase | Advised a US nuclear utility on the acquisition of a majority/whole ownership interest in two nuclear power plants, negotiating the purchase and sale agreement and all documentation necessary for the acquisition of the ownership interest

Joint Ventures and Commercial Transactions

• UK Nuclear Power Investment | Advised a nuclear industry investor with respect to investment in and development of a nuclear new build project in the United Kingdom and the establishment of a presence in the UK nuclear market, including matters of corporate law, taxation, employment law, nuclear liability, nuclear regulatory compliance and export controls
• US Nuclear Project | Represented a nuclear reactor vendor on the development and establishment of a joint venture with a US nuclear utility to construct two new nuclear power plants
• Nuclear Fuel Project | Advised a nuclear reactor vendor on the establishment of a joint venture for the development of an international nuclear fuel fabrication business

Government Nuclear Program Development

• Middle East Nuclear Power Program | Advised a government-owned implementing company on the drafting and reviewing of nuclear laws and regulations and advising on mechanisms to ensure the long-term sustainability of the program
• Middle East Nuclear Power Program | Advised a government-owned implementing company responsible for developing a new nuclear power program on technology selection, drafting the procurement arrangements, the EPC contract and the technology transfer agreement, and advising on the commercial aspects of the program
• Middle East Nuclear Power Program | Advised a government nuclear energy committee on the development of its nuclear power program, including the adoption of international treaties and conventions, drafting the national nuclear law and preparing for a site feasibility study

International Arbitration

• ICC Arbitration Over Nuclear Power Project | Representing a vendor in its dispute with a European utility company over the construction of a nuclear power plant in Europe
• International Arbitration | Represented a nuclear reactor vendor in a dispute with respect to technology IP rights and licensing matters

Capital Markets

• IPO and General Corporate Advice | Advising a leading nuclear utility on its potential IPO

Nuclear Liability

• Global Advice | Advised governments, owners/developers, investors, technology vendors, equipment suppliers and lenders on various aspects of nuclear liability in the United States, Japan, Russia, Turkey, United Kingdom, United Arab Emirates, Bahrain, South Africa, India, Brazil, Argentina, Mexico, China, Bulgaria, Finland, Belgium, Italy, Spain, Slovakia, Sweden, France, Ukraine, Kazakhstan, Canada, Taiwan and the Republic of Korea and in relation to the application of the Vienna Convention, Paris Convention, Joint Protocol and the Convention on Supplementary Compensation

Nuclear Export Controls

• Global Advice | Advised numerous entities on export controls applicable to their global nuclear trade, and export/import to/from Japan, China, United Arab Emirates, United Kingdom, United States, Sweden, Russia, France, United Arab Emirates and other countries in the Middle East

Nuclear Technology, Regulatory and Licensing

• Global Regulatory Study | Provided a research report for an ECA on international nuclear regulatory regimes, including the environmental impact assessment, licensing and permit process for new nuclear power plants, information disclosure systems and public participation in new nuclear power projects, as well as international and multinational treaties and conventions
• Global Emergency Response Study | On behalf of a nuclear reactor vendor, conducted a global comparative analysis of national nuclear emergency response systems

Tax

• US Nuclear Power Plant | Advised an equity investor and lessor on tax matters in the leveraged lease financing of a US Nuclear Power Plant
• US Nuclear Power Plant | Advised an equity investor and lessor on tax matters in the purchase of an undivided interest subject to a leveraged lease of a US Nuclear Power Plant 

• First Wind Palouse and Route 66 Wind Projects | Advised First Wind Holdings Inc., the renewable-energy developer, in the sale of its majority stake in the Palouse project, a 105 MW wind farm located in Washington, and the Route 66 project, a 150 MW wind farm located in Texas, to J.P. Morgan Asset Management.
• Broken Bow II Wind Farm | Advised Citigroup Global Markets Inc., as placement agent and acted as counsel to the note purchasers, in connection with a private placement to finance Broken Bow II, a 75 MW wind power plant in Nebraska, indirectly owned by Sempra Energy. 
• Sempra Copper Mountain Solar 2 and 3 | Advised the lead arrangers in the financing for the Sempra Copper Mountain Solar 2 project, which is an expansion of the Copper Mountain Solar 1 facility, one of the largest photovoltaic solar plants in the US. Subsequently advised the lead arrangers and collateral agent with the $435 million financing for the third phase of the Copper Mountain Solar complex.
• Sky Solar Holdings | Advised Sky Solar Holdings, Ltd. in connection with a registered public offering of American Depositary Shares on NASDAQ.
• Greenko Dutch | Advised Greenko Dutch B.V. in connection with a Rule 144A/Reg. S international offering of fixed rate high yield senior notes, guaranteed by Greenko Group plc.
• Public Power Corporation Finance | Advised Public Power Corporation Finance plc in connection with a Rule 144A/Reg. S. offering of fixed rate high yield senior notes guaranteed by Public Power Corporation S.A.