Energy
Decommissioning Security - Testing times
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We are living through a perfect storm. Russia has withdrawn from the OPEC+ arrangement and both Saudi Arabia and Russia are ramping up production. At the same time demand is being destroyed by the measures required to combat the spread of Covid-19. The oil price has crashed. It is 30th March 2020 and this morning Brent Crude Oil Futures are sitting at slightly under $23 per barrel.
COVID-19 and Force Majeure
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Many companies in the energy industry will be very concerned about whether, given the disruption arising from the COVID-19 pandemic, they will be able to perform their contractual obligations.
Under English law and Scots law with limited exceptions unless the contract provides otherwise or unless the contracting parties come to an agreement to the contrary, parties must perform their obligations regardless of any external circumstances with which they may be confronted.
