ILO publishes a series of legal newsletters which provide expert legal commentary in the form of concise, regular news updates. The newsletters are written in collaboration with over 500 of the world's leading experts and cover more than 100 jurisdictions.
China's processed oil trading sector has undergone various reforms and adjustments, shifting from a highly centralised system to a market-based regulatory regime. Although the liberalisation of the processed oil market still has a long way to go, a recent case marks the first monopoly case in China's oil and gas sector.
The Krk liquefied natural gas (LNG) terminal project is progressing well. The project foresees the construction of an LNG terminal for the receipt, storage and regasification of liquefied natural gas on the island of Krk, with a nominal annual capacity of 6 billion cubic metres. In the latest development, future operator LNG Croatia Ltd recently announced a call for equity, hoping to attract potential industrial and pure equity investors to the project.
The production sharing contracts signed between the Kurdistan regional government and international oil companies regulate almost all aspects of the companies' operations in Kurdistan. The Ministry of Natural Resources has, in practice, managed to unify the procurement procedures for all of the oil companies to a large extent, including setting unified thresholds, vendor requirements and tender approval procedures.
Norwegian Total Contract 2015 Modification ('NTK 15 Mod') is a standard contract for EPC(I) offshore modification projects on the Norwegian continental shelf. In an EPC(I) contract for modification of a platform, the contractor performs engineering, procurement, construction and possibly installation of work. NTK 15 Mod is part of a standardisation process initiated by the government to facilitate cost-efficient contracting.
Pricing arrangements in long-term energy supply agreements usually combine a contract price formula – according to which the contract price will be recalculated periodically – with a price review clause. Based on this price review clause, the entire pricing arrangement can be adjusted to changing market conditions. The price review process regularly follows contractually pre-defined steps, from informal negotiations to formal dispute resolution.
The US Environmental Protection Agency (EPA) recently proposed new methane and volatile organic compound regulations under the Clean Air Act for the oil and natural gas sector. Specifically, the EPA is proposing expansive amendments to the new source performance standards for the oil and natural gas sector. The proposal addresses new, modified and reconstructed emissions sources across the entire sector.
The US Environmental Protection Agency recently issued its final Clean Power Plan, which establishes historic new standards and emission guidelines intended to reduce carbon pollution from power plants. The plan will affect power market participants across the generation base and will present significant compliance challenges, as well as market opportunities, should it ultimately survive expected legal challenges and come into force.
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