Energiewirtschaft - Öl und Gas

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Aktuelle eAlerts

  •  
    30/10/2024
    United Kingdom

    Autumn Budget 2024 – changes to the Oil and Gas tax regime

    The UK government announced in today’s Budget that the energy profits levy (or ‘EPL’) applicable to UK oil and gas profits will be increased from its current rate of 35% to 38% from tomorrow, and the period for which the levy applies will be extended to 2030. The investment allowance available since EPL was introduced has also been removed, other than for expenditure on decarbonisation (for which it will be retained, but with the allowance reduced to 66% to maintain its existing cash value).While these changes will further increase the tax burden on the sector, also of significance...
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  •  
    28/10/2024
    United Kingdom

    Decommissioning Security Agreements in the UK - what you need to know

    The decommissioning of offshore oil and gas installations is a multifaceted and costly endeavour, presenting numerous legal, technical, environmental, and financial challenges. Governed by the Petroleum Act 1998 and associated regulations, the UK decommissioning regime imposes extensive liabilities on current and former owners of offshore infrastructure, as well as their affiliates. To navigate these complexities and ensure financial security for future decommissioning costs, industry practice has evolved to include Decommissioning Security Agreements (DSAs). Our latest publication delves into...
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  •  
    09/10/2024
    United Kingdom

    CMS Annual Review of developments in English oil and gas law 2024

    Welcome to the 2024 edition of the CMS Annual Review of developments in English oil and gas law, featuring commentary and analysis on the latest developments in English oil and gas law.This year’s edition of the Oil and Gas Annual Review covers judgments/arbitral awards which will have both direct and indirect impacts on oil and gas practitioners. Significantly, most cases continue to arise as a result of the energy trilemma, requiring the need to strike a balance between energy security, affordability and sustainability. The 2024 Annual Review deals with recent case law relevant to...
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  •  
    02/10/2024
    Ungarn

    Hungary begins implementation of EU AI Act with passage of Resolution

    The Hungarian government has issued Resolution 1301/2024. (IX. 30.), which establishes the foundation for creating the body responsible for implementing the tasks required by the EU AI Act. In issuing this resolution, Hungary has begun preparations for enforcing the regulation, which means that companies should now prepare for compliance by reviewing the AI systems they use, assessing these systems' alignment with the EU AI Act's requirements, and preparing the necessary risk management documentation to ensure transparency, accountability, and safety.Hungary’s new enforcement body will:Operate...
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  •  
    01/10/2024
    United Kingdom

    Establishing the National Energy System Operator

    Introduction and background As of today, 1 October 2024 (“NESO Commencement Day”), Great Britain’s (“GB’s”) electricity and gas system will be planned and operated by a newly designated independent, publicly owned organisation – the National Energy System Operator Limited (“NESO”) – as part of the strategic approach to enable the Government’s target of a zero-carbon energy system by 2030.Pursuant to a decision notice (the “NESO/ELEXON Decision Notice”) issued by the Secretary of State (“SoS”) for the...
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  •  
    10/09/2024
    APAC region

    No room for ignorance: Singapore High Court clarifies directors’ duties

    Inter-Pacific Petroleum Pte Ltd (in liquidation) v Goh Jin Hian [2024] SGHC 178 In what could be seen as a wake-up call, the High Court of Singapore clarified the scope of director’s duties in Singapore, emphasizing the minimum standard of care required.BackgroundInter-Pacific Petroleum Pte Ltd (“IPP”), a petrochemical and ship bunkering company, was placed under judicial management in September 2019, and later liquidated in March 2021. IPP had borrowed over US$150 million to fund its cargo trading and bunkering transactions. These sums were never repaid to the banks. IPP’s...
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