Concentration
Project development, oil and gas projects and transactions, project finance, international acquisitions, investments and financing, focusing on LNG, natural gas, upstream oil and gas development and non-conventional energy
transactions
Summary
Jason Bennett is a partner in the Global Projects Group at Baker Botts L.L.P. who concentrates on project development, oil and gas projects and transactions, project finance and international business transactions and investments. Mr. Bennett has extensive current experience with liquefied natural gas (LNG) projects, including assisting clients with the development, construction and launch of greenfield liquefaction projects and related upstream developments, regasification facility projects, LNG shipping matters and the structuring of LNG trading platforms and investments. He also assists clients with development and structuring of joint venture and joint operating agreements, offtake and balancing arrangements and with mergers and acquisitions of interests in LNG, oil and natural gas, pipeline and non-conventional energy projects.
Mr. Bennett also handles cross-border acquisitions, investments and related banking and project financing arrangements and advises U.S. and non-U.S. companies in venture and other equity capital transactions. Mr. Bennett has broad experience with U.S. sanctions and compliance regimes related to international trade and investment (including the FCPA, OFAC and Patriot Act) and with multinational and bilateral treaties and regimes.
Proficient in Russian, Mr. Bennett has advised clients regarding investments in the U.S. and has been involved with projects in Russian, Azerbaijan, Kazakhstan, Ukraine and other former Soviet states and in countries throughout Southeast Asia, the Middle East, South America and North Africa.
In March 2001, Mr. Bennett was seconded to the law firm of Afridi & Angell in Dubai, U.A.E., for 18 months pursuant to a strategic alliance between the firms. During that time he provided legal counsel on transactions in the U.A.E., Saudi Arabia, Qatar, Oman, Egypt, Jordan and Lebanon, as well as regional projects in the Gulf.
Mr. Bennett served as an adjunct instructor for the Legal Environment of Business at the University of Sharjah Business School in Sharjah, U.A.E., in 2001 and 2002.
Representative Engagements
LNG
- Brass LNG Ltd. - development of a two-train LNG project in Nigeria, including LNG sale and purchase agreements (SPAs), gas supply agreements (GSAs), engineering procurement and construction (EPC) contracts and time charter agreements (TCAs) for LNG shipping; project sponsors include NNPC, Total, ConocoPhillips and ENI
- Cheniere Energy Inc. - development of first LNG liquefaction and export facility from lower 48 states of the U.S., and drafting of LNG customer agreements
- Novatek - structuring and development of all aspects of the Yamal LNG project (Russia), including shareholder arrangements, LNG marketing, and LNG shipping
- Peru LNG - development of the Camisea, Peru, LNG project and sale of LNG
- European Trading Company - advice regarding regasification terminal capacity and operation
- Apache Corp. - investment in Wheatstone LNG project in Australia, including shareholder arrangements, project structuring, and off-take arrangements
- Gazprom Marketing & Trading USA - Letter of Intent for the purchase of equity in the Rabaska LNG project and terminalling services at the Rabaska LNG terminal
- Petrobras - Master Sales Agreements for the first purchase and import of LNG into Brazil, including chartering of floating storage and receiving vessels
- Leading European Bank - acquisition of terminal and pipeline capacity rights at U.S. LNG terminal
- U.S. Energy Company - advice regarding terminal and pipeline throughput capacity at multiple Atlantic basin terminal
- European Energy Company - advice regarding LNG sale and purchase agreements to support a greenfield liquefaction project
- Citigroup - preparation of and advice regarding LNG Master Sales Agreements
- U.S. financial institution - advice regarding LNG trading platform
- BP - long-term sale of LNG from Tangguh, Indonesia, to Sempra LNG; development of the Tangguh project, including assistance with time charter party agreements and other shipping arrangements for Tangguh
- BP - LNG terminal service agreement (TSA) for regasification of LNG in the U.S.
- BP - Master Sales Agreement for LNG sales to North America
- Merrill Lynch Commodities - bid for Singapore LNG project
- U.S. LNG receiving terminal - development of an offshore receiving terminal in the United States, including negotiation of preliminary documentation and tolling agreements, gas storage agreements and related gas transportation agreements
- U.S. LNG receiving terminal - negotiation of a tolling agreement for delivery of LNG into the Gulf of Mexico, including advice regarding U.S. regulatory issues and marine issues
- ConocoPhillips - purchase of LNG from QatarGas III and development of U.S. receiving terminal facilities
- Marathon Oil Co. - long-term and spot purchases of LNG for delivery to Elba Island, Georgia
- U.S. Project Development Company - counsel on LNG purchase agreements for use by two electric power generating plants in the Dominican Republic
Oil, Gas and Non-Conventional Energy
- U.S. E&P company - advice regarding structuring of upstream development and joint venture arrangements
- GreatPoint Energy - development of multiple coal gasification projects and related CO2 disposal
- International ownership group - subsea natural gas pipeline from Egypt to Turkey
- Brass LNG Ltd. - advice regarding gas sales agreements
- Oxoil AS - advice regarding oil and gas royalty interests
- BASF - advice regarding a petrochemicals pipeline
Shipping
- Peru LNG - development of marine arrangements for LNG loadings in Peru, including assistance with marine services agreements , conditions of use, port liability agreements and arrangements and shipbuilding constructions, financing and bareboat chartering
- U.S. Energy Company - advice regarding marine services and marine liability regimes
- BP - development of marine arrangements for LNG deliveries in Mexico, including assistance with shipbuilding and bareboat charter agreements and marine services agreements and scheduling arrangements
- Brass LNG Ltd. - advice regarding shipbuilding and ship chartering arrangements
Project Finance
- Advice to several greenfield LNG liquefaction projects regarding lender requirements for project structures and agreements
- Advice to several greenfield LNG regasification projects regarding lender requirements for project structures and agreements
- AES Hawaii - $500 million private placement of long-term project debt with institutional investors and $25 million debt service reserve letter of credit facility for the nonrecourse refinancing of a power project
Mergers & Acquisitions
- European Energy Company - acquisition of an interest in an upstream LNG liquefaction project
- Oxoil AS - acquisition of an interest in a Texas-based oil and gas drilling company
- PICO Petroleum - tender for an interest in certain Middle East oil and gas assets
- Gazprom Marketing & Trading USA - Letter of Intent for the purchase of equity in the Rabaska LNG project and terminalling services at the Rabaska LNG terminal
- Norilsk Nickel, Russia - acquisition of Stillwater Mining Company, a U.S. company
- U.S. company - $20 million acquisition of a seismic survey company in Kazakhstan
Investments
- Siguler Guff - restructuring of Russia Partners I, L.P. and OPIC-guaranteed private equity fund
- Siguler Guff - formation and $350 million financing of Russia Partners II, L.P., an OPIC-guaranteed private equity fund for investment in Russia and the CIS
- Russian Investment Company - formation and financing of a private equity fund and investments in other private equity funds
- U.A.E. venture capital fund - investments of between $2 and $20 million in U.S. and U.A.E. businesses
- Azerbaijan International Operating Company (AIOC) - advice regarding international treaty issues related to the Baku-Tbilisi-Ceyhan pipeline
Publications, Speeches and Presentations
- "LNG Contracts, Trading & Portfolio Optimisation" Master Class, CWC World LNG Summit, Rome, November 2011
- "Workshop on New Ways of Creating Value," CWC World LNG: Americas Summit, San Antonio, May 2011
- "Optimizing Trading Workshop on New Ways of Creating Value," CWC World LNG Summit, Barcelona, December 2010
- "Workshop on Structuring Diversion Clauses," CWC World LNG: Americas Summit, San Antonio, April 2010
- "Workshop on Structuring Diversion Clauses," CWC World LNG Summit, Barcelona, December 2009
- "Workshop on LNG Master Sales Agreements," CWC World LNG Summit, Barcelona, December 2008
- "Smoothing the Ride: Anticipating Gas Price Volatility in Long-Term LNG Sale and Purchase Agreements," Energy Risk Magazine's 11th Annual Energy Risk USA, Houston, May 2007 (Steven Miles, co-author)
- "Price Volatility: Easing the Ride," Fundamentals of the Global LNG Industry 2007, a supplement to Petroleum Economist, April 2007 (Steven Miles, co-author)
- "Negotiating Financeable Sales and Purchase Agreements for LNG," LNG 2007, CWC Conference and Workshops, San Antonio, March 2007 (with Steven Miles)
- "Workshop on LNG Master Sales Agreements," CWC World Energy Summit, Rome, December 2007
- "Workshop on Financeable LNG Sale and Purchase Agreements," CWC LNG, San Antonio, March 2005 and March 2007
- "Structuring Diversion Flexibility," Platts LNG Conference, Houston, May 2006
- "Synopsis of the USA Patriot Act of 2001," State Bar of Texas, Corporate Counsel Section Report, Spring 2003