After months of speculation and mounting pressure, it’s finally here: the government of Nigeria has released the long-awaited PricewaterhouseCoopers (PwC) forensic audit of the Nigerian National Petroleum Corporation (NNPC), the country’s national oil company. It’s not often that the release of a highly technical accounting report makes the headlines—much less grabs the attention of
Oil & Gas Policy
Risk and Reward in the UK Continental Shelf: Key Developments in Q1 2015
Our 2014 series on risk and reward in the UK Continental Shelf (UKCS) outlined the challenges being faced by the UKCS oil and gas industry to remain competitive. A consistent theme emerging from industry stakeholders is that significant fiscal and regulatory reform is required to secure the industry’s long-term future. This post highlights…
‘Trigger Happy’: Considering the Requirements of Your Price Review Clause
Given the fall in oil prices, many participants in the oil sector have been forced to re-evaluate their investments.[1] A drop in oil prices not only impacts the oil industry; it can also have a significant effect on gas and LNG prices around the world. Many long-term gas and LNG sales agreements continue to…
California Finalizes New Fracking Regulations
On December 30, 2014, the California Office of Administrative Law approved permanent regulations issued by that state’s Department of Conservation, Division of Oil, Gas and Geothermal Resources (“Division”) governing fracking. The regulations follow the Division’s final interim regulations (effective January 1, 2014), which we discussed here, and further implement California’s fracking statute (SB 4),…
Risk and Reward in the UK Continental Shelf: A Three-Part Series
According to the latest Oil & Gas UK Business Sentiment Index, the UK offshore oil and gas industry currently has a pessimistic outlook for the first time since 2009. In this three part series, we consider the factors contributing to the industry’s current mood and efforts to secure maximum economic recovery from one of…
Increasing LNG Exports: Modest Price Increases But in the National Interest
The Energy Information Administration (EIA) recently released a study of the impacts of increasing the amount of Liquefied Natural Gas (LNG) exported from the lower 48 states. According to the study, increasing LNG exports by 2 billion cubic feet per day (Bcf/d) each year beginning in 2015 to levels between 12 and 20 Bcf/d would…
Risk and Reward in the UK Continental Shelf: A Three-Part Series
According to the latest Oil & Gas UK Business Sentiment Index, the UK offshore oil and gas industry currently has a pessimistic outlook for the first time since 2009. In this three-part series, we consider the factors contributing to the industry’s current mood and efforts to secure maximum economic recovery from one of the…
Risk and Reward in the UK Continental Shelf: A Three-Part Series
According to the latest Oil & Gas UK Business Sentiment Index, the UK offshore oil and gas industry currently has a pessimistic outlook for the first time since 2009. In this three-part series, we consider the factors contributing to the industry’s current mood and efforts to secure maximum economic recovery from one of the…
A Consequence of Falling Oil Prices
Oil prices have plunged in the last few months. For example, Brent futures traded at over $110 per barrel in June, and fell below $85 last week. This is a fall of over 20%, and the market price for crude oil is now at its lowest level since 2010.
Oil prices impact activities in…
UK Parliament Announces Tighter Planning Guidance for Onshore Oil and Gas Applications
In the first blog of this two-part series, we considered the potential impact of the 14th Round on the commercialisation of the shale gas in the UK in light of recent developments in this industry.
This second blog post focusses on the additional planning guidance for licence applications in National Parks, Areas of Outstanding Natural…