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Energy & Natural Resources

December 18 2017
Frode Vareberg Parent company guarantee requirement for future decommissioning cost in corporate transfers on NCS

Norway - Simonsen Vogt Wiig Advokatfirma

In 2016 the Ministry of Petroleum and Energy announced that in all future corporate transfers subject to ministry approval it would consider requiring security from the seller establishing a secondary liability for future decommissioning costs. The ministry will require any seller of a licensee or of a licensee's parent company to provide an unlimited parent company guarantee. However, questions have been raised about the robustness of the security achieved by the guarantee.

Author: Frode Vareberg
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Valerie Allan OGA consults on funding UK National Data Repository through OGA levy

United Kingdom - CMS Cameron McKenna Nabarro Olswang LLP

The Oil and Gas Authority (OGA) recently opened a consultation seeking views from the oil and gas industry on its proposal to increase the levy (which is payable by all offshore petroleum licensees and is its primary source of funding) to support the creation and then maintenance of a UK National Data Repository. The OGA proposes that the increased levy will be balanced through the removal of the corresponding common data access limited membership fees, resulting in an overall neutral cost to the industry.

Authors: Valerie Allan, Judith Aldersey-Williams
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