Strong deals activity on the UK Continental Shelf is driving growth for the oil and gas team at Brodies LLP, Scotland's largest law firm.
A stabilising oil price, combined with a rise in asset sales and field developments, has resulted in a busy 12 months for the team and its clients.
Recent work in the sector includes acting for Premier Oil, to develop a ground-breaking contractual structure and navigate complex regulatory issues in relation to developments in the Tolmount Field. (The work being carried out at Tolmount has been recognised by the Oil & Gas UK Awards; HGSL, Dana Petroleum and Premier Oil received the MER UK Award, which recognises innovative and sustainable ways to maximise economic recovery from the UKCS.)
In response to client demand the team, which received a top-tier ranking in Legal 500 UK, has expanded its services with the hire of four lawyers, bringing the number in Scotland's largest dedicated oil & gas team to 16. Senior solicitor Natalia Fraser, solicitors Rae-Ann Marr and Dominika Rogolska, and trainee Stephen Flynn supplement the team, providing additional support to upstream and service sector clients.
Clare Munro, Brodies' Head of Energy and Infrastructure, said: "Confidence and activity in Aberdeen's oil and gas sector is returning, and thanks to the more frugal approach taken with operating expenditure in recent years, the UKCS is viable for existing operations as well as new entrants and fresh investment.
"At Brodies, our services are driven by the needs of our clients, and in the oil & gas sector we're certainly seeing an increase in demand for our services, particularly in M&A, field developments and complex commercial arrangements. I'm really pleased to have Rae-Ann, Dominika, Natalia and Stephen join the oil & gas team, we're investing in the sector and the next generation of oil & gas lawyers, adding further strength and depth to our client offering."
The introduction of the Transferable Tax History mechanism this month is also expected to drive further activity for business in the UKCS, assisting in the transfer of more mature assets and attracting new investment into the basin.
Clare Munro, adds: "With transferable tax legislation now in action, we expect to see clients taking advantage of this to ensure that assets are in the right hands for the right phase of their life cycle."