LNG Projects Practice

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1 LNG Projects Practice

2 For more than 175 years, Baker Botts has been among the leading law firms in the world. Today, with 725 lawyers based in 14 offices around the world, the firm ranks among the largest global law firms in scope and influence in the energy and technology spheres.

3 TABLE OF CONTENTS WHO WE ARE From drill bit to burner tip, Baker Botts offers its LNG industry clients integrated service and in-depth legal capabilities across the value chain. PAGE 6 WHAT WE DO Outstanding track record in the oil and gas sector with international expertise that includes LNG transactions... Chambers Global 2016 PAGE 8 OUR WORK Baker Botts lawyers have advised on over 150 significant LNG transactions in more than 30 countries. PAGE 18 OUR ACCOLADES Unmistakable prominence in oil and LNG projects, advising sector giants on oil concessions and project agreements. Chambers Global 2014 Projects & Energy PAGE 26 BAKER BOTTS LNG 3

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5 Chambers USA 2016 Band 1 LNG Projects: Oil & Gas Chambers Global 2016 Band 1 Global-wide Projects & Energy: Oil & Gas USA Projects: Oil & Gas UK Energy & Natural Resources (Oil & Gas) Russia Energy & Natural Resources Chambers Europe 2016 Band 1 Russia Energy & Natural Resources Chambers UK 2016 Band 1 Energy & Natural Resources (Oil & Gas) Legal 500 USA 2016 Tier 1 Industry Focus Energy Transactions Industry Focus Energy Litigation Legal 500 Russia & CIS 2016 Tier 1 Energy & Natural Resources Legal 500 US Awards 2015 Industry Focus Energy Law Energy Practice Group of the Year 2015 Energy Practice Group of the Year Top Ranked Practice Lead: Steven Miles Chambers USA Band 1 Projects: LNG Legal 500 USA Leading Lawyer Energy Transactions: Oil & Gas BAKER BOTTS LNG 5

6 WHO WE ARE From drill bit to burner tip, Baker Botts offers its LNG industry clients integrated service and in-depth legal capabilities across the entire LNG value chain. This breadth and depth of experience enables us to advise our clients on some of the LNG industry s most innovative projects. 6

7 The firm s LNG practice began in the early 1970s through our involvement in developing the successful Bontang LNG Project in East Kalimantan, Indonesia. It has grown to include dozens of projects in the U.S. and around the world, including several benchmark-setting projects, such as the first LNG liquefaction project in the United States to have taken FID in over 40 years, and the first LNG liquefaction project in South America. We have assisted with the development of numerous liquefaction facilities, 10 of which have successfully launched and many of which have been financed. We have also advised clients in securing the first LNG supply into new terminals in Brazil, China, the Dominican Republic, Chile, India, Europe and the U.S., and have been in the forefront of the development of numerous new regasification facilities, including several floating terminals. Baker Botts lawyers have: Advised on over 150 significant LNG transactions in more than 30 countries Assisted clients as project counsel in developing 15 liquefaction projects, including several in the past five years Represented developers in a myriad of LNG receiving terminals regarding project structuring, financing, commercial, environmental, tax and regulatory matters and inter-customer agreements Secured permits from the U.S. DOE, FERC, Coast Guard, Army Corps of Engineers and other federal and state regulatory agencies for terminal construction and expansions and for LNG shipping Worked with financial institutions and commodity traders to structure investments in LNG projects and develop innovative marketing and trading models for LNG Advised clients on the purchase and charter of over 85 new-build LNG tankers, including some of the first floating LNG storage and regasification vessels and one of the first proposed floating liquefaction vessels Provided leadership to a 200-member, industry-wide effort to draft a model LNG Master Sales Agreement (MSA) necessary to promote development of a secondary market for LNG. BAKER BOTTS LNG 7

8 WHAT WE DO Strong client focus, and a deep understanding of LNG and energy-related matters. Chambers UK

9 STRUCTURING LNG PROJECTS AND INVESTMENTS One of the areas where we provide value to our LNG clients early in the development process involves assisting with the design and implementation of strategies for making LNG investments across the entire value chain, including structuring LNG projects and investments in LNG projects and developing flexible contractual structures to accommodate our clients diverse LNG marketing and trading platforms. While almost all LNG projects require solutions to fit local market conditions and the requirements of the stakeholders, we rely on a wealth of industry experience and proven project development tools to assist our clients in achieving a timely launch for their project. With comprehensive experience across the entire value chain, we know what to expect when structuring a project, including what is necessary for successful project financing. BAKER BOTTS LNG 9

10 LNG-TO-POWER Baker Botts is actively involved in the growing field of LNG-to-power projects and understands the added complexities of developing an LNG receiving terminal and dedicated power plant to work seamlessly together. We currently represent Cheniere Energy and its related entities in connection with the development of the proposed Octopus LNG regasification terminal and Central El Campesino power plant in Chile, as well as Quantum Power in the development of its Tema LNG project in Ghana. These projects include the rapidly changing nature of the LNG business and the need to structure projects to grow demand in new importing markets. LIQUEFACTION TOLLING AGREEMENTS (LTAS) The shale gas revolution has caused a transformation of the LNG market and a renaissance in project development models that were previously less common, including tolling models for liquefaction projects. LTAs allocate project risks differently than traditional Sale and Purchase Agreements. By understanding those risks, buyers and sellers can adopt appropriate risk mitigation strategies. We are currently advising a number of North American projects and customers on their LTAs and supporting agreements. SMALL SCALE LNG AND LNG FUELS In conjunction with our experience working on traditional large-scale LNG projects and transactions, we also have current experience working on several small-scale LNG projects and LNG fuels projects with different models focusing on both domestic and cross-border deliveries. We provide comprehensive advice regarding the transactional and regulatory challenges to the construction and operation of small-scale LNG projects. Our experience includes development of Puget Sound Energy s LNG production and storage facility at the Port of Tacoma, Washington, advice on a proposed small-scale LNG liquefaction facility for domestic deliveries, advising on a regional small-scale LNG export project and negotiation of agreements for a proposed truck rack for loading LNG onto trucks at a large-scale LNG export facility, among others. 10

11 SALE AND PURCHASE AGREEMENTS The key economic driver in most LNG projects, and the agreement underpinning much of LNG project financing, is the LNG Sale and Purchase Agreement (SPA). Our work on over 100 SPAs and Master Sales Agreements (MSAs), involving producers, importers and traders from all major regions, gives us the experience to develop innovative commercial solutions and an awareness of evolving trends in different LNG markets. We work with our clients to ensure that the terms of the SPAs and/or MSAs are coordinated across the value chain with other major project agreements, including Engineering, Procurement and Construction (EPC) contracts, gas sale and purchase agreements, LNG shipping agreements and Terminal Use Agreements (TUAs). Our work with Sabine Pass Liquefaction, Equatorial Guinea LNG, Port Arthur LNG, Wheatstone LNG and Peru LNG demonstrates our ability to assist our clients in the organization of their activities and obligations across numerous major project agreements. The Importance of the LNG Value Chain Gas Production/ Pipeline Liquefaction/ LNG Marketing LNG Transportation Regasification/ Pipeline/ Gas Storage Gas Marketing Structuring of a fully aligned project requires constant reflection on the value chain and alignment of start-up dates, operational activities and financial incentives. BAKER BOTTS LNG 11

12 SHIPPING AGREEMENTS Working with clients in Qatar, Brazil, India, Indonesia, Nigeria, Australia, Papua New Guinea and elsewhere, Baker Botts lawyers have structured shipping solutions that include negotiating shipbuilding contracts and time charterparties for over 85 new-build LNG tankers. Our work has included advising on a number of innovative alternatives to traditional LNG solutions, such as some of the first floating LNG storage and regasification vessels to enter service, several proposed floating liquefaction vessels, a floating bi-directional liquefaction and regasification barge and the first Q-Flex and Q-Max LNG vessels employing on-board re-liquefaction technology coupled with slowspeed diesel propulsion. We have advised on charterparties, shipbuilding contracts and/or conversion contracts for eight floating storage and regasification units (FSRUs) and shuttle regasification vessels (SRVs) with deployments planned for Brazil, Indonesia, China and elsewhere, as well as tugs and marine support vessel arrangements for projects. ENGINEERING, PROCUREMENT AND CONSTRUCTION CONTRACTS Baker Botts has drafted and negotiated EPC contracts for various LNG liquefaction projects and regasification terminals and for floating LNG facilities around the world, including for Brass LNG, Equatorial Guinea LNG and the Jordan Cove Energy Project. This work has involved negotiating with many of the world s largest LNG contractors. We know the market for EPC contracts and are involved in developing cutting-edge, innovative structures. Baker Botts has also negotiated a number of technology license agreements relating to LNG liquefaction projects. MULTI-USER AND COMMON FACILITIES AGREEMENTS As part of the development of both LTAs and TUAs, Baker Botts has also negotiated a number of critical and complex support agreements for multiple customer facilities, including operation and cooperation agreements, scheduling agreements, pooling agreements, conditions of use, marine services agreements, inter-customer agreements 12

13 and capacity sharing and common facilities use agreements. FINANCING Baker Botts lawyers have been actively involved in financings for the LNG industry, representing financial institutions, investors and sponsors in a wide variety of projects, including LNG receiving terminals and liquefaction facilities. For example, our lawyers have represented lenders in the financing for the Atlantic LNG facility at Point Fortin, Trinidad and Tobago, and in the project financing for the Cross Island Pipeline, which feeds natural gas to Atlantic LNG. Likewise, our lawyers assisted the sponsor in negotiating with export credit agencies for the financing of Australia Pacific LNG (APLNG). The Peru LNG project, on which we advised as project counsel with respect to their landmark project financing, was named Project Finance s 2008 Latin American Export Finance Deal of the Year. REGULATORY APPROVALS Baker Botts has longstanding experience in assisting developers and operators in obtaining required regulatory approvals for the permitting, construction and operation of LNG regasification and liquefaction terminals in the U.S. Our attorneys have assisted developers of major onshore LNG facilities and interconnected pipelines at every stage of the FERC process from participation in the mandatory pre-filing process, through the issuance of an order approving the project, to litigation in defense of the FERC s permitting orders. For example, we have assisted long-time client, Distrigas of Massachusetts, LLC (DOMAC) in obtaining FERC orders approving deregulation of their sales service and construction of new facilities at DOMAC s existing terminal in Everett, MA. We have obtained regulatory authorizations for numerous other proposed projects in the face of significant opposition including the Weaver s Cove and Sparrows Point LNG terminals. In addition to our representation before the FERC, we have assisted clients, such as Flint Hills Resources, in obtaining necessary authorizations from the DOE a key BAKER BOTTS LNG 13

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15 step in the development of an export project. Baker Botts attorneys also have considerable experience obtaining authorizations from the various other federal and state agencies that have jurisdiction over different aspects of LNG projects. For example, we successfully litigated appeals on behalf of clients, Hess and AES, before the U.S. Secretary of Commerce and the federal courts to reverse state actions under the Coastal Zone Management Act associated with proposed LNG terminals. In addition to our representation in permitting proceedings, we routinely provide analysis on the scope of jurisdiction of the FERC, DOE, PHMSA, and other federal and state agencies over large and small-scale LNG projects, as well as advice regarding compliance with the regulatory requirements of those agencies. Our knowledge of the developing regulatory landscape allows us to assist our transactional clients such as Cheniere, Jordan Cove, Sempra, and the customer of the proposed Magnolia LNG terminal, in complying with the regulatory obligations set forth in their contracts and in structuring LNG projects strategically from a regulatory perspective. TAX Baker Botts tax lawyers advise sponsors of LNG projects on structuring of project companies and contractual arrangements to minimize the worldwide effective taxation of the projects and their participants. We have particular experience in advising our clients in obtaining critical tax abatements and in minimizing U.S. federal and state taxation of LNG sales and transportation from the U.S., and other related activities. ENVIRONMENTAL EXPERIENCE With lawyers dedicated to the environmental landscape, Baker Botts provides integrated advice to its energy clients. Our lawyers help our clients secure the broad range of environmental authorizations for siting, developing and modifying LNG liquefaction terminals, onshore and offshore LNG regasification terminals, natural gas pipelines, natural gas storage projects and related facilities. For example, we assisted ExxonMobil with National Environmental Policy Act (NEPA) review, state environmental permits, air quality conformity determinations and coastal zone management BAKER BOTTS LNG 15

16 approvals for its LNG terminals and assorted natural gas pipeline projects on the U.S. Gulf Coast. We are at the forefront in advising our clients on the challenges, and potential benefits, presented by evolving carbon regulations and trading regimes. PRICE REVIEWS An important aspect of the increasingly complex LNG market is the growing influence of regular and special price reviews built into LNG and gas sales agreements. Baker Botts combines a wealth of experience in these high stakes disputes with a deep knowledge of LNG projects and SPAs. Several of our on-going price review negotiations and arbitrations are at the forefront of the current market issues affecting the LNG industry and pricing under longterm LNG SPAs. INTERNATIONAL ARBITRATION AND DISPUTE RESOLUTION Baker Botts arbitration lawyers represent and advise our clients on high profile disputes arising out of LNG-related matters around the globe, including a number of LNG price reviews and disputes. Our specific experience in LNG disputes is complemented by our deep experience with disputes involving construction cost and schedule overruns, operations issues, gas transportation and sales arrangements and investor-state arrangements. Baker Botts lawyers are trained in both civil and common law, and members of the team have worked with all of the key arbitral institutions. 16

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18 OUR WORK Baker Botts offers its LNG industry clients integrated service and in-depth legal capabilities across the entire LNG value chain. 18

19 SABINE PASS AND CORPUS CHRISTI LIQUEFACTION PROJECTS Baker Botts represents Cheniere Energy and its related entities on project development matters, including LNG contracting, and operational matters for Cheniere s Sabine Pass liquefaction project, the first natural gas liquefaction and export project in the U.S. in 40 years. The Sabine Pass liquefaction project consists of five trains under construction or in operation, with an additional sixth train that has received all regulatory approvals for construction and operation, and operates in conjunction with Cheniere s existing regasification project with a send-out capacity of 4.0 billion cubic feet (Bcf) per day and storage capacity of 16.9 billion cubic feet equivalent (Bcfe). To date, Baker Botts has assisted with executed long-term LNG Sale and Purchase Agreements (SPAs) for an aggregate of approximately 20 mtpa of LNG. The LNG purchasers are BG Gulf Coast LNG, LLC, Gas Natural Fenosa, KOGAS, GAIL (India) Ltd, Total Gas and Power North America, Inc., Centrica PLC and Sabine Pass s affiliate, Cheniere Marketing International LLP. Baker Botts also represents Cheniere Energy and related entities on Cheniere s Corpus Christi liquefaction project under construction. The initial phase of the project consists of two trains under construction and a third train under development. To date, Baker Botts has assisted with executed long-term LNG SPAs for an aggregate of more than 8 mtpa of LNG. The LNG purchasers are Endesa S.A., PT Pertamina (Persero), Électricité de France, S.A., Gas Natural Fenosa LNG SL, Iberdrola, S.A., Woodside Energy Trading Singapore Pte Ltd., EDP Energias de Portugal S.A. and Corpus Christi s affiliate, Cheniere Marketing International LLP. BAKER BOTTS LNG 19

20 SEMPRA Baker Botts is project development counsel to Sempra LNG in respect of the Port Arthur LNG liquefaction project and project counsel to Sempra LNG marketing in respect of LNG sales and gas supplies for its North American LNG liquefaction projects currently under construction and development. Port Arthur LNG s proposed facilities are anticipated to include two natural gas liquefaction trains with a total export capacity of approximately 10 mtpa, as well as LNG storage tanks, marine facilities for LNG ship berthing and loading, natural gas liquids and refrigerant storage, feed gas pre-treatment facilities, and truck loading and unloading areas. Cameron LNG is an LNG terminal situated on an industrial-zoned site along the Calcasieu Channel in Hackberry, Louisiana. The LNG receipt terminal has two marine berths capable of accommodating Q-Flex sized LNG ships, three LNG storage tanks with a total capacity of 480,000 cubic meters, and vaporization capability for regasification services of 1.5 Bcf per day. In 2014, Cameron LNG began construction on new facilities to liquefy natural gas and export to the world market. Cameron LNG has obtained approval from the U.S. DOE to export up to mtpa, or approximately 2.1 Bcf per day, of U.S.-produced LNG. OCTOPUS LNG AND CENTRAL EL CAMPESINO Baker Botts represents Cheniere Energy and its related entities in connection with the development of the proposed Octopus LNG regasification terminal and Central El Campesino power plant in Chile, including the supply of LNG to the project. The combined LNG-to-power project consists of an offshore FSRU receiving terminal, a subsea pipeline, interconnections with existing gas pipelines, and a 640 MW gas-fired power plant. 20

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22 PERU LNG The firm represents Peru LNG with respect to the development and on-going operations of the Peru LNG liquefaction project at Pampa Melchorita, launched in 2010, in Canete, Peru. The project involves the purchase of natural gas produced from upstream blocks in Peru, transportation of the natural gas via a trans-andean pipeline to the LNG plant on Peru s coast and the liquefaction and sale of LNG to purchasers at the LNG facility. The US$3.8 billion project is Peru s first natural gas liquefaction project and the largest single private-sector project in Peru s history. Project financing closed for US$2.25 billion from a consortium of international lenders. Baker Botts has been active in several aspects of the project, including: gas sales agreements; LLC project agreements and related operating and services agreements; alignment of the various project agreements; natural gas transportation agreements; the LNG SPA for the entire production of the initial LNG train; purchase and sale agreements entered into with the LNG off-taker in connection with its acquisition of an interest in Peru LNG and the upstream and transportation segments of the project; and the marine services agreements and conditions of use. PNG LNG AND GORGON JANSZ LNG Baker Botts represented ExxonMobil in procuring for its PNG LNG project in Papua New Guinea and for its part of the Gorgon Jansz LNG project in Western Australia, six LNG carriers through long-term time charterparties from subsidiaries of Japan s Mitsui OSK Lines, Ltd. (MOL). Two of the PNG ships were newbuilds previously ordered by MOL prior to execution of the charters. These vessels, built by Hyundai Heavy 22

23 Industries in South Korea, employ state-of-the-art tri-fuel diesel electric propulsion systems. The other four ships, two for PNG and two for Gorgon Jansz, have been built for MOL by Hudong-Zhonghua Shipbuilding, a subsidiary of China State Shipbuilding Corporation, in Shanghai. The firm assisted ExxonMobil with issuance and evaluation of the tenders and negotiation of the charters and related documents for all six vessels. This was only the second time non-chinese companies have commissioned LNG new-builds in China. PETROBRAS Baker Botts represented Petrobras in the tendering and chartering of three FSRUs among the first FSRUs to enter commercial service worldwide. These three vessels operate at Rio de Janeiro, Pecem and Bahia. We also advised in relation to the modification of one of these FSRUs. The three FSRUs have the capacity to supply up to 41 million cubic meters of natural gas per day to the domestic Brazilian market, and have been used primarily used for dedicated thermoelectric power generation The firm s work for Petrobras included the development and negotiation of a long-term LNG SPA as well as MSAs for the supply of short-term and spot cargoes with numerous counterparties. We have also advised Petrobras in relation to the implementation of certain new and highly innovative LNG projects in relation to the pre-salt discoveries. BAKER BOTTS LNG 23

24 UNITED STATES GULF Beacon Point Calhoun LNG Cameron LNG Compass Port LNG Corpus Christi LNG Freeport LNG Golden Pass LNG Lavaca Bay Magnolia LNG Main Pass Energy Hub Pearl Crossing Port Pelican LNG Port Arthur LNG Sabine Pass LNG Vista Del Sol LNG CANADA Bear Head LNG Canaport LNG Rabaska LNG Pacific Northwest LNG Tilbury Steelhead LNG BAHAMAS Ocean Cay South Riding Point LNG PANAMA Costa Norte LNG COLUMBIA Columbia Export Projects PUERTO RICO EcoEléctrica Aguirre Excelerate DOMINICAN REPUBLIC Andres TRINIDAD & TOBAGO Atlantic LNG VENEZUELA Jose Mariscal Sucre Platforma Deltana VLNG MALTA Malta LNG GHANA Tema LNG PERU Peru LNG BRAZIL Bahia LNG Regasification Terminal Pecém Floating LNG Rio Floating LNG CHILE GNL Penco-Lirquén Mejillones LNG Quintero REPRESENTATIVE LNG PROJECT EXPERIENCE OF OUR LAWYERS 24 BELGIUM Zeebrugge LNG UNITED STATES EAST Cove Point LNG Distrigas Elba Island Neptune LNG Sparrows Point Weavers Cove LNG MEXICO Energia Costa Azul JAMAICA Jamaica LNG UNITED Dragon THE NETHERL Gate UNITED STATES WEST Hawaii Jordon Cove Energy Kenai LNG Northern Star LNG HONDURAS El Raro FRANCE Montoir URUGUAY Gas Sayago LNG ARGENTINA Bahia Blanca GasPort GNL Escobar NIGERI Brass LN Nigeria EQUATOR EG LNG

25 D KINGDOM n LNG RUSSIA Yamal LNG Sakhalin II LNG G LANDS JAPAN Osaka Gas Tokyo Gas Western Buyers KUWAIT Al-Zour LNG Mina Al-Ahmadi GasPort UAE Regasification Project QATAR QatarEurope QatarGas II, 3, 4 RasGas I, II, 3 IA NG a LNG RIAL GUINEA YEMEN Yemen LNG SOUTH KOREA Gwangyang INDIA Dabhol Dahej Kocji Pipavav SINGAPORE Singapore LNG CHINA Dapeng LNG Tinajin LNG Zhejiang LNG Fujian LNG Guangdong LNG INDONESIA Bontang Lampung LNG PT Nusantara Regas Tangguh PAPUA NEW GUINEA PNG LNG MOZAMBIQUE Coral South LNG AUSTRALIA Australia Pacific LNG Darwin LNG Gorgon LNG North West Shelf Australia LNG Pluto LNG Wheatstone BAKER BOTTS LNG 25

26 OUR ACCOLADES Outstanding track record in the oil and gas sector with international expertise that includes LNG transactions... Chambers Global 2016 Offers extensive services to some of the biggest players in the sector worldwide, in relation to both upstream to downstream mandates. Offices in London, Moscow, Hong Kong and Dubai boost the firm s global presence. Advises on cutting-edge LNG developments and power projects. Chambers Global 2015 Global-wide Projects & Energy Unmistakable prominence in oil and LNG projects, advising sector giants on oil concessions and project agreements. Chambers Global 2014 Projects & Energy 26

27 We were impressed by their incredible depth of experience in LNG in the US. They have tremendous experience but still remain flexible enough to take into account the specifics of our project. Chambers USA 2016 Projects LNG Baker Botts L.L.P. is a go-to firm for LNG as well as Arctic drilling projects and has very solid industry knowledge and a proactive approach. The Legal 500 EMEA 2015 Russia Energy & Natural Resources Strong client focus, and a deep understanding of LNG and energy-related matters. Chambers UK 2015 Baker Botts L.L.P. is very strong in upstream oil and gas, and the firm is a market leader in LNG. The Legal 500 Latin America 2014 Reputation as an energy powerhouse. Chambers USA 2014 Impressive sector expertise in oil and gas, with commentators particularly noting the firm s standout LNG practice. The team represents energy sector clients and financial institutions in projects across a wide geographical area. Chambers Global 2014 Projects & Energy Steven Miles is one of the top LNG practitioners in the country. He has deep experience as lead project lawyer on some of the largest and most complex LNG facilities. Chambers USA 2016 Projects: Nationwide LNG BAKER BOTTS LNG 27

28 AUSTIN BEIJING BRUSSELS DALLAS DUBAI HONG KONG HOUSTON LONDON MOSCOW NEW YORK PALO ALTO RIYADH SAN FRANCISCO WASHINGTON bakerbotts.com Baker Botts L.L.P., Unauthorized use and/or duplication of this material without written permission from Baker Botts L.L.P. is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given with appropriate and specific direction to the original content _3

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