Scotland has hosted an energy session at the Global Law Summit. The Global Law Summit, held over three days in London from 23 February until 25 February to mark 800 years since the sealing of the Magna Carta, brought together over two thousand delegates from law firms, governments and businesses, as well as in-house counsel and legal academics from around the world. Keynote speakers at the Summit included Boris Johnson, Mayor of London; Ban Ki-moon, Secretary-General United Nations; the Rt Hon Jeremy Wright QC MP; and Sir David Wootton, Co-Chair of the Global Law Summit.
The Scottish energy session, held yesterday afternoon at the Queen Elizabeth II Conference Centre in London, focussed on dispute resolution in the energy sector, and the implications for the industry in light of the rapidly falling oil price. Speakers at the session included Penelope Warne, Senior Partner and Head of Energy at CMS Cameron McKenna, Brandon Malone, Chairman of the Scottish Arbitration Centre and Co-Director of the ICEA, and Professor Peter Cameron, Co-director of the ICEA and Director of the Centre for Energy, Petroleum, Mineral Law and Policy at the University of Dundee. The session was coordinated by Andrew Mackenzie, Chief Executive of the Scottish Arbitration Centre, on behalf of the Law Society of Scotland.
The International Centre for Energy Arbitration (ICEA) was opened in 2013 by former First Minister Alex Salmond MSP. In 2014, the Centre commenced a survey of relevant professionals within the energy sector to identify current trends and desired requirements in respect of dispute resolution within the industry. The results of the consultation are being analysed and a report setting out the findings of this survey is due to be published later this year, with a view to establishing bespoke energy arbitration rules.
Brandon Malone, Chairman of the Scottish Arbitration Centre and Co-director of the ICEA said:
“The fall in the oil price appears to be causing increased disputes in a number of areas of the sector as pressure on budgets mounts. Client and advisors need to plan ahead and cater for disputes, so as to minimise the damage caused. Arbitration in Scotland offers a lower cost, zero publicity option, with restricted rights of appeal, which may help mitigate the damaging effects of a dispute in terms of lost management time, expense, and damage to reputation.”
Andrew Mackenzie, Chief Executive of the Scottish Arbitration Centre and Secretary General of the ICEA said:
“The Scottish Arbitration Centre and ICEA had a prestigious platform at the Global Law Summit to discuss key issues in energy law, including the implications for dispute resolution, and to showcase Scottish expertise. We want to see Scotland as the destination for energy dispute resolution.”
Left to right: Brandon Malone (Chairman of the Scottish Arbitration Centre, and Co-director of the ICEA), Penelope Warne (Senior Partner and Head of Energy at CMS Cameron McKenna), and Professor Peter Cameron (Co-director ICEA and Director CEPMLP)