The International Energy Agency (IEA)’s latest monthly market report, published on November 13, 2015, revealed that the already “massive cushion” of oil stockpiles has inflated further to reach a record level of almost 3 billion barrels. Following the announcement, oil prices reportedly dropped to a two-month low. The IEA described this stockpile as “an unprecedented … Continue Reading
Our Risk and Reward in the United Kingdom Continental Shelf (“UKCS”) series has reported on the challenging times recently faced by the UKCS oil and gas industry. The past week has seen positive developments in the form of newly awarded exploration licences and the first modest improvement in the industry’s quarterly outlook since 2013. … Continue Reading
In the wake of the April 2, 2015 announcement that the P5+1 countries (the United States, the United Kingdom, France, Russia, China, and Germany), together with the European Union had reached agreement with Iran on the parameters of a deal in which Iran would curtail its nuclear program in exchange for sanctions relief from the … Continue Reading
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 millions—but … Continue Reading
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 peg … Continue Reading
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), which … Continue Reading
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 the … Continue Reading
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 … Continue Reading
In the first of a two part series on recent developments in the UK shale gas industry, this blog post considers the potential impact of the announcement on 28 July 2014 by the Business and Energy Minister, Matthew Hancock, inviting applications for Licences in the 14th Landward Licensing Round (the 14th Round) on the exploitation … Continue Reading
As reported in our blog post of last week, the Commerce Department Bureau of Industry and Security (“BIS”) recently determined in two private classifications that lease condensate — a type of stabilized and distilled light crude oil — is not subject to the United States’ broad ban on crude oil exports. BIS has for years … Continue Reading
In a determination rendered last week, the Commerce Department provided guidance to two companies on the application of export controls to processed condensate that could mark a potential thaw in the long-standing ban on exports of crude oil. Condensate is an ultra-light oil that has seen increasing domestic development alongside the recent boom in shale … Continue Reading
Here at Inside Energy & Environment we are honored to share that Law360 has named Covington’s energy practice as a 2013 “Energy Practice Group of the Year.” In giving this award, Law360 recognized the breadth of Covington’s practice capabilities (including litigation, transactions, regulatory and government policy) in both the traditional energy and clean energy sectors, … Continue Reading
