On March 4, 2015 the Official Daily of the Mexican Federation published the Regulations to the Law on Navigation and Maritime Commerce, which regulates the activities of the Merchant Maritime Authority and the activities of the persons that participate in maritime and port matters provided by the Law on Navigation and Maritime Commerce. Said Regulations are effective 30 calendar days after its publication in the Daily of reference, that is, on April 3, 2015 ...
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 3 March 2015 IVASS published Regulation No.8 (the “Regulation”) on the simplification of procedures and requirements in the relationship between insurance companies, intermediaries and clients, implementing section 22, paragraph 15 bis, of Law Decree of 18 October 2012,No. 179, converted into Law No. 221 dated 17 December 2012 ...
Target, Home Depot, Sony, Anthem. All of these companies have been victims of very public cybersecurity breaches. Given what we know about those breaches, how can any other company know that it is safe from a cyber attack? No firewall appears to be unbreachable and no security system impenetrable. No company is big or small or traditional enough to avoid such exposure, as long as the business receives or transmits data or uses computer networks ...
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 ...
The Texas Supreme Court has looked to the drilling contract between Transocean and BP to limit BP’s “additional insured” coverage for liability arising out of the Deepwater Horizon disaster ...
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 ...
Recent publicity surrounding the exclusion or divestiture of stocks in carbon-intensive industries shows that leading investors are reviewing the financial risks (and opportunities) associated with climate change. However, with debate on climate change often pitched around ideological poles, many superannuation fund trustees are struggling to translate these developments into prudent governance practice, consistent with their statutory and general law duties ...
On December 20, 2013 it was published in the Official Daily of the Federation the Executive Order that amends and adds various provisions of the Political Constitution of the United Mexican States, in the Area of Energy ...
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 ...
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 ...
On 8 April 2014, the Financial Services Authority (OJK) issued Regulation No. 2/POJK05/2014 of 2014 on Good Corporate Governance for Insurance Companies (Regulation 2). Loss and life insurance companies, as well as reinsurance companies must have at least 3 directors and 3 commissioners. Meanwhile, insurance and reinsurance brokerage firms are required to have 2 directors and 2 commissioners if their annual income exceeds IDR 10 billion ...
The Insurance Bill (Insurance Bill) was passed by the House of Representatives on 23 September 2014. The Insurance Bill repeals and replaces the current Law No. 2 of 1992 on The Insurance Business. In addition to the current insurance businesses such as general insurance, life insurance, and reinsurance businesses, the Insurance Bill regulates Sharia insurance. Under the Insurance Bill: 1 ...
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 ...
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 ...
On November 4, 2014, voters in Denton made that city the first in Texas to ban hydraulic fracturing within city limits. Within a day, lawsuits were filed by the Texas General Land Office and the Texas Oil and Gas Association, and state lawmakers and regulators voiced strong opposition to the ballot measure ...
Offsite drilling is becoming increasing prevalent in the Eagle Ford Shale in Texas. Consequently, many in the industry were closely following a dispute between two neighboring operators in the Eagle Ford Shale area in which one operator opposed a neighboring operator’s plans to use offsite drilling. On October 29, 2014, the San Antonio Court of Appeals ruled that the plaintiff lease owner, Lightning Oil Co ...
