The Supreme Court of Iraq is currently considering the legality of the Rumaila oilfield contract awarded by the Iraqi Ministry of Oil to BP and China National Oil Petroleum Co (SINOPEC) in the first bidding round for oil and gas field development contracts in 2009.

Over the past years we saw a significant increase in commodity prices, but specifically during 2008, where oil prices rose above US$147 to an all-time record, as a result of several factors such as growing demand from the expanding BRIC economies, worries on oil supply, lack of stability in several oil-producing countries, and the decline of the US dollar, among others.

A common assumption today is that the Middle East has an abundance of readily available natural gas supplies; however, the reality is quite different.

The recent high oil and gas prices and Libya's rehabilitation into the international community after the lifting of US and international sanctions have led to an influx of foreign investors looking to invest in the country's oil and gas sector.

We have selected the 420 leading oil and gas lawyers according to the results of our research in 69 jurisdictions to be included in this publication.

No other area of commercial law can match the geopolitical importance of the oil and gas sector. Recent examples include Russia’s decision to reduce the gas supply to Belarus, which caused ripples of concern across Europe, but there is also a softer side.

Mexico is currently the world’s seventh largest oil producer, but the industry performed poorly throughout 2009. A lucrative precious metals market over the year however meant the mining sector prospered. The 15 lawyers in this section are drawn from both oil and gas and mining backgrounds.

Mexico is currently the world’s seventh largest oil producer, but the industry performed poorly throughout 2009. A lucrative precious metals market over the year however meant the mining sector prospered. The 15 lawyers in this section are drawn from both oil and gas and mining backgrounds.

For resource-rich countries such as Russia and Kazakhstan, with established activity in the hydrocarbons sector, the oil and gas industries make a huge contribution to economic prosperity. Unsurprisingly these jurisdictions are home to most of the lawyers in this section; however, our research shows Azerbaijan, Kyrgyzstan, Ukraine, and Uzbekistan are all seeing expansion in this part of the legal market and are also represented.

The lawyers in this chapter predict that energy will be a major growth area in Brazil over the coming years, in spite of downward pressure in the world economy.

Figures released by the state-sponsored organisation Nigeria Oil & Gas place the country’s oil reserves at 35.2 billion barrels, while gas reserves stand at 185 trillion cubic feet, making Nigeria Africa’s largest energy producer, and the 11th largest oil producer in the world.

In times of economic uncertainty all eyes become fixed upon the price of oil. Consequently the past year has been an eventful one for the oil and gas industry, with crude oil prices reaching a record of $147 a barrel in July 2008 and dropping to below $50 just four months later.

International Players With Texan Roots

Of 54 US-based practitioners, our research identifies 25 individuals in the state of Texas, all but two of whom are based in the Houston offices of the state's most prestigious home-grown firms.

California is home to the world's second largest oil company, Chevron and other Fortune 500 energy companies including Occidental Petroleum, Sempra Energy and Calpine.