This coming Sunday, March 29, CME Group plans to launch the first ever physically-delivered crude oil storage futures contract. CME Group is able to make this contract available having teamed up with LOOP LLC (“LOOP”) (LOOP owns and operates the deepwater port and associated onshore terminal with significant crude oil handling, storage and re-distribution capabilities located in Clovelly, Louisiana, sometimes called the “Clovelly Hub”) and NEO Markets Inc. (“NEO”) ...
The new Myanmar Electricity Law was enacted by the Myanmar Parliament on October 27 last year, replacing the old Electricity Law of 1984. The old electricity law was enacted during Myanmar’s socialist period and lacked the legal framework to include private sector participation in power projects and independent power producers ...
As part of our series on legal issues arising out of the plummeting commodity prices, this article looks at one distinct factor in the commodity finance equation: hedging. Hedging is usually thought of in terms of cash-settled derivatives offered by lenders as part of a broader financial relationship tied together by a credit agreement and perhaps collateral documents. But many other transactions blend hedging and finance attributes ...
A country’s competitiveness depends in part on its capacity to attract foreign investorsinterested in the acquisition of local companies ...
In an opinion that should give pause to mineral lessors, the Texas Supreme Court revisited the scope of the duty that an executive rights holder owes a non-executive, holding that a lessor’s negotiation of an above-market bonus (for itself) and below-market royalty (shared with the non-executive) may give rise to liability to the non-executive.KCM Financial LLC v. Bradshaw, No. 13-0199, 2015 Tex. LEXIS 220, --- S.W.3d --- (Tex. Mar. 6, 2015) ...
On March 1st, 2015, the federal Minister of Finance, Joe Oliver, and the federal Minister of Natural Resources, Greg Rickford, announced important new measures to support Canada’s mining industry in a speech at the Prospectors and Developers Association of Canada (PDAC) 2015 Convention ...
The new Myanmar Electricity Law was enacted by the Myanmar Parliament on October 27 last year, replacing the old Electricity Law of 1984. The old electricity law was enacted during Myanmar’s socialist period and lacked the legal framework to include private sector participation in power projects and independent power producers ...
The new Myanmar Electricity Law was enacted by the Myanmar Parliament on October 27 last year, replacing the old Electricity Law of 1984. The old electricity law was enacted during Myanmar’s socialist period and lacked the legal framework to include private sector participation in power projects and independent power producers ...
Prior articles in our series demonstratedways to stretch a borrowing base and how to address defaults on oil and gasloans. If a producer ultimately finds itself with a shrunken borrowing base andlimited liquidity, the producer in turn might not be able to pay balances dueto its contractors. An unpaid contractor may be able to file a mechanic’s andmaterialman’s (“M&M”) lien on the producer’s mineral property ...
On 26 January 2015, President Joko Widodo swore in Mr. Triawan Munaf as the Head of the Creative Economic Board (BEK – Badan Ekonomi Kreatif). BEK is tasked to strengthen the role of creative economic businesses, including protection for Indonesian creative crafts ...
Under Regulation No. 122/M-IND/PER/12/2014 on Delegation of Authority to Grant Industrial Business Licenses to the Head of the Capital Investment Coordinating Board, the MOT has delegated its authority to issue certain licenses to BKPM. Business licenses delegated consist: 1. Industrial Business License and/or Expansion Licenses as follows: a. alcoholic beverages industry; b. valuable paper industry; c. weapons and ammunition industry; d ...
The Texas Supreme Court recently declined to reach a question of significant interest to energy companies and landowners—whether deep subsurface wastewater migration can give rise to trespass liability when the wastewater crosses lease lines. See Envt’l Processing Sys., L.C. v. FPL Farming Ltd., No. 12-0905 (Tex. Feb. 6, 2015) ...
You can’t open up the paper these days without news of declining oil prices and fears of uncertainty for the oil and gas industry. As part of Haynes and Boone’s alert series on this topic, we continue our review, this time focusing on the contango spread and how market participants are responding. It seems like there is a sprint taking place to lock in the benefits of the current contango spread ...
On January 15th, Resolution DGA N° 3,438 was published. It contains a list of water rights subject to the payment of a fine for lack of use. The fine must be paid during the month of March, 2015. The term to contest such resolution is 30 days, as counted from the date of publishing. To review the list of water rights affected by the payment of fines for non-use click here ...
The Brazilian Ministry for Mines and Energy has issued Ordinance No. 653, which outlines the procedures for the A-5 Power Bid to be held on April 30, 2015. The bid will auction Regulated Market Energy Commercialization Contracts (CCEAR) to be negotiated on two fronts: (i) Quantity for hydroelectric power plants, and (ii) Availability for coal-fired plants, natural gas-fired combined cycle plants and biomass ...
Oil markets have fallen significantly since the latest round of borrowing base redeterminations in September and October. The next scheduled round of redeterminations is set for March. Expectations are that there will be substantial downward pressure on producers’ borrowing bases. Some reductions could trigger mandatory principal amortization which would have serious consequences for highly leveraged oil and gas companies ...
Policy & Law: What is the government policy and legislative framework for the electricity sector? Securing energy supply, competitive energy prices and meeting the European Union’s common energy and climate goals are core elements of policy in the Finnish electricity sector ...
Earlier this month, President Obama announced historic changes to U.S. policy and relevant regulations regarding diplomatic engagement, travel and trade with Cuba. The White House’s new policy represents the most dramatic shift in U.S. policy to Cuba since the enactment of the embargo in 1961. As a result of this new policy, a number of sectors of the U.S. economy are likely to see new opportunities in Cuban trade ...
As part of the implementation of the Energy Reform, the Mexican Government has selected certain areas and fields out of Round One which will be tendered for private industry participation in hydrocarbon exploration and production projects. Round One comprises 109 blocks for exploration and 60 blocks for production, and includes new areas of different sizes and types of resources, including: (i) deep-water; (ii) shallow-water; and (iii) on-shore fields ...
The Head of the National Agency for Food and Drug Control (BPOM) has issued Regulation No. 11 of 2014 on The Procedure for the Certification of Good Manufacturing Practices, ensuring compliance with the applicable standards for processed food. Regulation 11 has been in force since 5 August 2014 ...
Action: The Bureau of Ocean Energy Management has issued a final rule increasing the limit of liability for damages under the Oil Pollution Act to $133.65 million. BOEM’s Final Rule: On December 12, 2014, the Bureau of Ocean Energy Management (BOEM) issued a final rule that, effective January 12, 2015, will increase from $75 million to $133 ...
On December 2, 2014, the Yukon Supreme Court struck down the Yukon government’s Peel watershed regional land use plan because of the government’s failure to follow the process for developing that plan under final agreements (modern treaties) with the Na-Cho Nyak Dun, Tr’ondek Hwech’in and Vuntut Gwichin First Nations ...
On 5 December 2014, the Hong Kong Government formally released its draft legislation to waive stamp duty for the transfer of shares or units of all exchange traded funds (“ETFs”). The Stamp Duty (Amendment) Bill 2014 will be introduced into the Legislative Council on 17 December 2014 (“the Bill”). It is expected to have wide support ...
It has long been known that Greenland possesses vast amounts of mineral resources. But due to climate changes, resulting in a rapid meltdown of ice caps in the Arctic regions, it is now getting easier to discover and exploit the mineral resources. The costs of exploring and exploiting minerals continue to decrease, and many experts believe that Greenland will become the next frontier within the mining industry ...
