Under longstanding regulations governing its risk management program, Bureau of Ocean Energy Management (“BOEM”) may require an offshore oil and gas lessee or operator operating on the Outer Continental Shelf (“OCS”) to provide additional security, over and above standard security requirements, if BOEM determines that the security is necessary to ensure compliance with OCS lease obligations ...
In a decision involving claims of underground trespass and tortious interference, the San Antonio Court of Appeals held that a surface owner could grant permission to a third-party to drill through the mineral estate underlying the surface and that the lessee “has no right to exclude others from the earth surrounding the oil and gas hydrocarbons” on the lease. Lightning Oil Co. v. Anadarko E&P Onshore LLC, No. 04-14-00903-CV, 2015 WL 4933439, --- S.W.3d --- (Tex ...
As reported in the July 2015 IOGA News, on June 24, 2015, the West Virginia Department of Environmental Protection (“WVDEP”) filed a proposed legislative rule amending the Horizontal Well Development Rule, 35 C.S.R. 8 (the “Horizontal Well Rule”), which established a public comment deadline on July 27, 2015. Then on June 25, 2015, WVDEP filed three proposed legislative rules implementing the Aboveground Storage Tank Act, as amended, W. Va. Code § 22-30-1, et seq. (“AST Act”) ...
On July 22, 2015, the Treasury Department and the Internal Revenue Service (“IRS”) released proposed regulations (the “Proposed Regulations”) providing that in certain circumstances a service provider’s allocations of a partnership’s income may be treated as compensatory payments for services under the Internal Revenue Code of 1986, as amended (the “Code”) ...
Entrepreneurs are a special breed. The good ones have that special blend of vision, timing and risk tolerance most others lack. The really good ones find a way to use their special talents to make their communities a better place to live and work. Mike John is a really good entrepreneur. As we all know, the shale plays across the United States have been game changers ...
The Swedish Association of Landowners has called for a modernisation of the rules concerning agricultural land leasing. As a result, the work to renew the legislation, which is over forty years old, is now underway. Above all, two issues have come into focus: the lateral leaseholder’s security of tenure and the possibility of a “results-based rent” ...
In keeping with trends in other jurisdictions, Canada has brought into force federal rules requiring businesses in the extractive sector to publish annual reports on payments of $100,000 or more made to governments in Canada and abroad. Payments to Aboriginal governments will be covered by these rules starting in 2017 ...
As part of the implementation of the Mexican Energy Reform, the Mexican government has selected certain fields that will gradually be tendered to foreign and domestic companies for hydrocarbon exploration and production projects. Round One includes 109 blocks for exploration and 60 blocks for production, and covers new areas of different sizes and types of resources, including (i)deepwater, (ii)shallow water, and (iii)onshore fields ...
Following the gradual selection of areas and fields that will be tendered for foreign and domestic companies (including Mexican government production companies), pursuant to the Mexican Energy Reform enacted last year, the National Hydrocarbons Commission (Comisión Nacional de Hidrocarburos, “CNH”) published a formal call for the third bid of Round 1, “CNH-R01-L03/2015” in the National Federal Gazette on May 12, 2015 ...
The Act of 21 December 2013 concerning the financing of small and medium-sized undertakings (the “Act”) was published in the Belgian State Gazette on 31 December 2013. The Act entered into force in 2014 and applies to all Credit Agreements that have been concluded since that date. The Act applies to all Credit Agreements entered into between an Undertaking and an EEA Provider of Credit ...
Serbia is a contracting party to the Energy Community Treaty (ECT), signed in October 2005 between the European Union (EU) and nine South Eastern European countries. Since then, Bulgaria, Romania, and Croatia have ceased to be parties upon their accession to the EU and thus are no longer parties to the ECT, while Moldova and Ukraine have become parties to the agreement. One of the explicit aims of the ECT is to support the development of renewable energy ...
Download a free copy of the Philippine section of The Tax Disputes and Litigation Review edition 3, which was contributed by the SyCipLaw Partner Carina C. Laforteza with Associate Mark Xavier D. Oyales ...
MontenegroThe Montenegrin Parliament recently enacted the new Law on Tax on Coffee and amendments to the Law on Value Added Tax, the Law on Real Estate Tax, the Law on Tax Administration and the Law on Mandatory Social Security. The purpose of these changes is to clarify existing provisions of these tax laws in order to improve their enforcement and to better control the tax liabilities of non-resident taxpayers ...
Significant changes to the tax regulations in the Republic of Srpska (“RS”) are expected in the coming months. On March 6, the National Assembly of RS passed amendments to the Law on Fiscal Cash Registries. In addition, Parliament approved the Government’s proposals on amendments to several important tax laws, including corporate income tax, personal income tax, social security contributions and property tax ...
As noted in our January 2015 Haynes and Boone Alert on “Stretching Your Borrowing Base,” the spring borrowing base redetermination season is upon us. Borrowing base reductions seem a certainty for many oil and gas producers ...
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 ...
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) ...
Amendments toPoland’s Corporate Income Tax (CIT) Act and Personal Income Tax (PIT) Act wentinto force at the beginning of 2015. One of the key changes is taxation ofincome earned by controlled foreign companies (CFC, in Polish: zagranicznespółki kontrolowane).With the entryinto force of the amendments to the CIT Act and the PIT Act, there is a 19% taxon CFC’s income that goes to a Polish tax resident ...
Q&A provides a high level overview of finance tax in Argentina and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. The Q&A is part of the global guide to tax on transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.Tax authorities. 1 ...
SUMMARY US Parent corporations sending employees into Canada to subsidiaries – General tax issues and remedy Business trips to Canada: Business visitor status or work permit? US Parent corporations sending employees into Canada to subsidiaries – General tax issues and remedyn Emmanuel Sala, Carolyne Corbeil and Luc PariseauWhere a corporation is a resident of the United States (the “US”) for the purposes of the Convention Between Canada and the United States
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 ...
