John Goodgame Quoted in Law360 on What Texas Law Firm Leaders Are Focused On in 2021
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Akin Gump Houston office partner in charge John Goodgame has been quoted in the Law360 article “3 Things On The Minds Of Texas Managing Partners In 2021.” Goodgame, who also serves as co-head of the firm’s corporate practice, spoke with the publication about what he will be focused on in the coming year.
According to Goodgame, oil exports are no longer the prime indicator of the health of the Lone Star State’s energy industry.
“When we talk about the oil and gas business, the thing that people pay the most attention to is oil; that’s got all the geopolitical gloss to it,” Goodgame said. “I think natural gas and what happens with natural gas prices and the [liquefied natural gas] export world in the next 12 months is also going to be very interesting. It’s something that could drive a lot of business, or could be very slow.”
Goodgame also noted that investors have been slowly leaving upstream and midstream oil and gas because of environmental concerns, shifting investments to renewable energy sources.
In addition, there has been a significant increase in demand for complex restructuring legal services in the oil and gas industry in the past two years, Goodgame pointed out, saying that he thinks it is likely to continue this year.
The change in administrations in Washington could also lead to a change in policy addressing natural gas flaring and other energy practices that have been scrutinized by environmental groups, noted Goodgame.
The article reports that the state agency in charge of regulating the oil and gas industry, the Texas Railroad Commission, has said it intends to reduce flaring, and the Biden administration has made similar promises, vowing to reduce greenhouse emissions altogether.
“There has been discussion over the last two years about whether there’s going to be any regulatory or legislative action regarding flaring of natural gas, and with the next administration there may be action on that at the federal level as well,” Goodgame said.
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