Another set of amendments to the Law on Technological Industrial Development Zones ("Law") was recently enacted by the Assembly of the Republic of Macedonia. The amendments address the specific activities which are allowed or prohibited under the Law in the area of information and communication technology. All activities that are allowed to be conducted within these zones are now exhaustively listed in the recently-amended Law ...
This alert describes certain information regarding the recently filed bankruptcy case of Emerald Oil, Inc. and is an example of current developments in the energy industry.Emerald Oil, Inc. and its subsidiaries (collectively referred to as the “Debtors”) filed voluntary petitions for relief under Chapter 11 of the U.S ...
The Office of Comptroller of the Currency (“OCC”) issued a revised Handbook for examination of Oil and Gas Exploration and Production Lending on March 16, 2016 (the “March 2016 Handbook”). This March 2016 Handbook replaces and significantly revises the OCC’s prior version issued April 9, 2014, which is no longer available on the OCC website (the “April 2014 Handbook”) ...
Following up on the announcement from Mexico’s Ministry of Energy about a month earlier, on March 22, 2016, the Energy Regulatory Commission (“CRE”) approved the regulatory framework to allow the importation of gasoline and diesel into Mexico as of April 1, 2016. The regulations trigger open access to the storage facilities and transportation pipelines owned by PEMEX LOGISTICA (“PEMEX”). The regulations cover the following: i ...
Important notification of four new guidelines for the compilation of mandatory codes of practice, which are binding in terms of the Mine Health and Safety Act 29 of 1996 (“the MHSA”).Kindly take note that on Friday, 5 February 2016, notices were published in Government Gazette No ...
Deriving from the enormous interest shown by the investors towards the liberalization of the oil and gas industry, Mexico’s Ministry of Energy has eliminated the restriction to import gasoline and diesel by private parties as of April 1, 2016.Read the full alert ...
The FDA’s Proposals on the Revision of the Nutrition and Supplement Facts Labels In early 2014, first lady Michelle Obama announced upcoming changes to the FDA’s Nutrition Facts label, and in March 2014, the FDA issued a proposed rule on the revision of Nutrition and Supplement Facts labels “to assist consumers in maintaining healthy dietary practices ...
At a recently held Roundtable on the topic of the economic and environmental challenges that are surrounding the process of building the second block of the thermal power plant in Pljevlja, the Montenegrin Network for the Affirmation of the NGO sector (MANS), has scrutinised the whole idea behind this state-owned National Power Company of Montenegro's (EPCG) project ...
Are you ready to disclose? All Transfers of Value (ToV) from 2015 must be disclosed publicly via the Irish Pharmaceutical Healthcare Association (IPHA) central reporting system by 1 July 2016. This relates to all ToVs that were made by pharmaceutical companies to Healthcare Providers (HCPs) and Healthcare Organisations (HCOs) in connection with the development and sale of prescription only medicinal products for human use ...
The High Court has delivered judgment in the case of Minch v The Commissioner of Environmental Information (CEI) (16 February 2016) concerning the scope of access to environmental information ...
In February, the British-based Mineco Group has officially submitted the request for an urban permit before the Bosnian Ministry of Physical Planning for its project of building a lead mine in the town of Olovo, Bosnia & Herzegovina ...
A proposed Act on Wind Power Plant Projects presented in February 2016 is intended to specify the rules for siting of wind farms. But the current version of the proposal generates a huge risk for further growth of the wind power sector and for wind farms already in operation and even for persons interested in building housing near existing wind projects. The issue of siting of wind farms near other construction has created a lot of confusion ...
With the steep collapse of oil and gas prices in the last eighteen months, dozens of exploration and production companies have declared bankruptcy and many more companies are expected to file for bankruptcy protection unless prices rebound dramatically ...
Executive Summary On February 5th, 2016, Law N° 20,897 was published in the Official Gazette incorporating 3 new paragraphs into article 34 bis of the Electric Power Services General Law (“LGSE”). By virtue of this modification, article 34 bis of the LGSE, widens its protection to any developer of non conventional renewable energy projects (“NCRE”). This article was originally intended exclusively for electric concessionaires ...
On February 23, 2016 the Secretariat of Energy (SENER) published a notice in the Federal Gazette by means of which as of April 1, 2016 such authority can grant import permits of gasoline and diesel into Mexico to any interested party that complies with the applicable legal provisions, including those set forth in the Administrative Resolution published in the Federal Gazette on December 29, 2014 and amended by publication in the same Gazette on December 30, 2015 that establi
Following the creation of the regulatory framework and the successful passing of required tests, the first organised electricity market in Serbia, ("SEEPEX"), has officially launched its operations on 17 February, 2016. This power exchange operator was set up jointly by Elektromreže Srbije, the Serbian state-owned power system, and the European Power Exchange (EPEX SPOT SE) ...
On December 15, 2015, the National Hydrocarbons Commission (Comisión Nacional de Hidrocarburos or, “CNH”) in a successful public bid for Mexico, awarded all of the 25 available blocks of License Agreements for the Production of Hydrocarbons in on-shore contract areas. A total of 41 formal bidders submitted effective proposals ...
Decree N° 50/2015, issued by the Ministry of Public Works, has been enacted. This act approves the Regulation that sets the technical conditions to be fulfilled during the design, construction and operation stages of hydraulic works, as defined in Article 294 of the Water Code.Through this Decree, the Ministry of Public Works has set the text for the Regulation of Large Public Hydraulic Works, which had been pending enactment since 1981 ...
If 2015 is considered to be the “Year to Amend and Extend,” then 2016 is setting up to be the “Year of Reckoning.” Last year began with high hopes for a reset to the oilfield activity levels of mid-2014, which did not materialize. Market conditions appeared to stabilize in the middle of 2015 at an activity level to support an oil price of $60 per barrel, but that stability did not last long since 2015 concluded with oil below $40 per barrel ...
On December 24, 2015 Mexico’s Energy Transition Act was published in the Federal Gazette. The Act’s purpose is to regulate: The sustainable use of energy,The obligations of power companies in the area of clean energies, andThe reductions of the polluting emissions of the electric power industry, ensuring the competitiveness of the productive sectors. To read the full alert, click here ...
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 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 ...
Even in a difficult commodity price environment, acquisition transactions can produce lucrative opportunities for buyers of oil and gas interests and creditor relief for sellers. One type of transaction in particular provides an opportunity for distressed sellers not only to avoid bankruptcy, but also eliminate the greatest amount of debt possible that is secured by its oil and gas properties ...
Dozens of North American oil and gas producers have commenced Chapter 11 bankruptcy cases this year, including most recently, Escalara Resources Co., RAAM Global Energy Company, Miller Energy Resources, Inc., and Parallel Energy LP ...
As we continue our series of articles relating to distressed commodity prices in the oil and gas market, we expound on the option to monetize assets that are not included in the calculation of your borrowing base. This topic was briefly discussed in our article, “A Dozen Ways to Stretch Your Borrowing Base.” Under reserve based loans (“RBLs”), producing reserves have always been what one may call the “belle of the ball ...
Signing the transatlantic free-trade agreement could increase Europe’s energy security. The trick is how to compete with American companies that are already using cheaper energy and don’t have to comply with the same restrictions on CO2 emissions. The 10th round of negotiations of the Transatlantic Trade and Investment Partnership agreement, or TTIP as it is known, was held in Brussels in July 2015 ...
