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Back to the future for reserve based finance amid downturn

Jason Fox and Olivia Caddy, from Bracewell & Giuliani, consider the debt markets for E&P companies and the changes to the financial landscape since the last oil price rout

Looking back in recent history, one sees an oil price downcycle every six or seven years almost as regular as clockwork, but each time it happens it takes the world by complete surprise. This time is no exception. Whilst the drop has not been as steep as was seen in the last oil price rout in 2008/2009, when the price of Brent dropped from $145 to $35, we do seem to have entered a new oil price environment and its ramifications are far reaching – well beyond the oil and gas sector and it’s symbiotic partner the oilfield services sector. Some of us will say that we have seen it all before. But the truth is that every time is different. The last oil price collapse coincided with the global f

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