Expertise

Martin Stewart-Smith is a partner in the energy transactions practice in the London office of Addleshaw Goddard LLP. Martin has worked in the energy sector as a lawyer in private practice for over 30 years on a wide range of international and UK projects.  He qualified as a lawyer in Scotland in 1987 and then in England in 1992.  He has advised on numerous energy projects internationally. He has acted for governments, developers, sponsors, and lenders on a wide variety of energy projects as set out below.  He has spent his entire career as a lawyer in private practice apart from the two years he spent on secondment to the World Bank Group in Washington DC from Clifford Chance. He has extensive experience working with development finance institutions.

Experience

Oil, Gas and LNG
  • Greece: Advised the Hellenic Republic Asset Development Fund (Government of Greece) in relation to the joint sale with Pan European Group of 50,1% of Hellenic Petroleum S.A. (ELPE:ATH), the largest ever privatisation in Greece at over $2.2 billion.
  • Mexico: Advised Eni SpA in relation to assets swaps, successful joint bidding for further deepwater blocks and farm ins/acquisitions of both shallow and deep water blocks. Also advised on the acquisition of a Texas deck, T&I and linepipe contracts in relation to the Amoca Project.
  • Ecuador: Advised Eni SpA in relation to the sale of its interests in the OCP oil pipeline. 
  • Guyana: Advised Eni SpA in relation to its country entry and application and joint venture for exploration rights on a number of blocks (onshore and offshore).
  • Indonesia: Advised Eni America Limited in relation to the sale of 50% of its interests in Unimar LLC to PT Karunia Utama Perdana. 
  • India/USA: Advised a major Asian buyer on several LNG cargo swaps with various counterparties totaling 29 LNG cargoes (a substantial part of the US/Asia swaps market for the relevant period). 
  • Trinidad & Tobago: Advised Eni International BV on the sale of Eni Trinidad & Tobago Limited to Shell which included offshore North Coast Marine Area block interests and interests in Port Fortin LNG.
  • Venezuela: Advised a major international oil company in relation to a joint venture in relation to the gas sales agreements and the upstream concession and JV amendments.
  • Eqypt: Advised Eni SpA and its wholly owned subsidiary IEOC in relation to the sale of a 10% participating interest to BP and then the sale of a 30% participating interest to Rosneft in the $15 billion development of 30TCF Zohr Field (Sharouk Concession) offshore Egypt.
  • Equatorial Guinea:  Advised Ophir Energy plc in relation to the development and financing of the Fortuna FLNG project in conjunction with Golar LNG including the LNG SPAs for offtake of 2.2mmpta from phase 1 of the Fortuna FLNG project, buyer financing terms and chartering arrangements in relation to the FLNG vessel.
  • Oman: Advised Societe Generale on trade financing of crude oil cargoes for some Asian oil companies for production lifted in Oman.
  • Mozambique:  Advised a major international petrochemicals company in relation to participation in both unitized and non-straddling natural gas discoveries in a very substantial block in the Rovuma basin offshore northern Mozambique and the associated onshore LNG liquefaction project and FLNG.
  • United Kingdom:  Advised a bidder in relation to the proposed acquisition of a number of UK North Sea upstream interests comprising a number of producing oil fields and related reserve based lending (RBL) and acquisition financing.  Also advised an AIM listed oil and gas company on the refinancing of their existing RBL facilities and associated NBP gas swaps and oil hedging.
  • Russia:  Advised a major international oil company on English law matters relating to their non-equity joint venture with Rosneft in the C2C2 and G2G2 transactions for offshore exploration in Arctic (Perseevksy area in the Barents Sea and Kashevarovsky, Lisyansky and Magadan 1 licence areas in the Sea of Okhotsk).
  • Sierra Leone:  Advised one of the successful bidders for oil and gas exploration blocks offshore Sierra Leone and advised during the negotiations of the exploration and production licence.
  • United Kingdom: Advised Sonatrach, the Algerian national oil company, since 2003 (ongoing) on the development and successful implementation of Phase 1 and then Phase 2 of the Isle of Grain LNG import terminal in Kent, England.  This involved negotiation of Terminal Use Agreements, Joint Shippers Agreement, secondary capacity access mechanism, heat pipe integration project with adjacent gas fired power station, retrofitting of gaseous nitrogen plant for N2 ballasting on a BOT basis as well as advising on the establishment of Sonatrach Gas Marketing UK Limited for the purposes of downstream gas commercialization into the NW European markets. 
  • Martin has also advised on access to the Interconnector, other storage rights, long term entry capacity auctions, and also berthing slot swaps.
  • Netherlands: Advised Gate Terminal BV, a joint venture between Royal Vopak (Dutch operator of some 84 oil products terminals around the world) and GasUnie, the Dutch state-owned gas company on the successful development, construction and project financing of the Gate terminal in Rotterdam.  
  • United Kingdom:  Advised Teeside Gas Processing Limited in relation to the Teeside Gasport project (Excelerate) and in relation to the Breagh Field, south North Sea and all related gas processing and allocation arrangements.
  • United Arab Emirates: Advised Abu Dhabi Polymers (Borouge) in relation to the US$6 billion STEP III expansion at Ruwais, UAE.
Electricity Generation Projects
  • Advised an infrastructure fund on the acquisition and financing of a Round 1 Solar PV Project in Jordan.
  • Advising sponsors on the project financing of a Round 1 Solar PV project in Jordan involving EBRD and OPIC as senior lenders.
  • Advised a consortium of financial infrastructure funds led by Macquarie Infrastructure and Real Assets Europe (MIRAEL) in relation to the acquisition of the 500MW Baglan Bay Power Station which includes GE’s most advanced gas turbine, the GE 9H series.  
  • Advised Cheung Kong Infrastructure Holdings and Hong Kong Electric International on the successful bid and acquisition of BG Group’s interests in the 1,145MW combined cycle Seabank Power Station near Bristol, England.
  • Advised Sumitomo on a 350MW power project in southern India. 
  • Advised the lenders on the US$900 million project financing of the 1000MW Santa Rita power project, Batangas, Luzon, the Philippines sponsored by First Gas and BG.
Renewables
  • Advised a Japanese energy company on the sale of its interests in the £1.9 billion West of Duddon Offshore Wind Farm in the Irish Sea.
  • Advised Cinergy Corporation (in conjunction with J P Morgan as financial advisors) on the disposal of their entire European renewables projects portfolio to EnergiE2.
  • Advised Cinergy Corporation on the disposal of their entire US wind energy portfolio to Sun Life, a Canadian insurance company.
  • Advised Cinergy Corporation on the acquisition of a Danish holding company and a portfolio of European wind energy assets.
  • Advised Cinergy Global Power, Inc. on the construction financing, equipment financing and permanent financing and all project documents in relation to the San Gorgonio Westwinds windfarm repowering project (San Jacinto, Windustries, Phoenix and Altech III) in Palm Springs. Also advised Cinergy on the proposed Oak Creek II project (aborted).
  • Advised Cinergy Global Power, Inc. on Foote Creek III project (finance documents, due diligence and acquisition documentation) and the Senior and Junior facilities and security package in relation to the Foote Creek IV project. 
  • Advised Cinergy Global Power on the Peetz Table I project, including all three tiers of financing (Senior, Junior and Subordinated Financing).
Electricity Transmission and Distribution
  • Advising the sponsors on the development and financing of three new cross border electricity projects in the UK third window cap-and-floor mechanism (each project being 1,400MW) as follows:  Germany-UK; Belgium-UK and Denmark-UK.  The total construction cost of these 3 major European interconnector projects is in excess of $3 billion. 
  • Advised on the 1300MW HVDC and 500kV AC CASA 1000 cross border electricity transmission project (www.casa-1000.org) as Project Counsel across the four countries, including IGA, HGA, standard form PPAs and Master Agreement and the financing plans with the World Bank and other funding agencies.
  • Advised the government of Cote d’Ivoire on the renegotiation of contractual relationships for an electricity distribution concession with a consortium of EDF, Bouygues and SAUR of France.
  • Advised the Pakistan Privatisation Commission and the International Finance Corporation in relation to the privatisation of the Faisalabad Area Electricity Board, one of the eight electricity distributors in Pakistan, which includes the corporatisation of FAEB.

Education
  • LL.B, with honours, University of Edinburgh, 1985
  • Dip. L.P., Diploma in Legal Practice, University of Edinburgh, 1986
Professional Memberships
  • Member, Law Society of England and Wales
  • Member, Law Society of Scotland
  • Member, Association of International Petroleum Negotiators (AIPN)