Energie - pétrole et gaz

eAlerts Récentes

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  04/12/2024

  Hongrie

  Hungary to introduce new statistical classification for economic activities on 1 January 2025

  As of 1 January 2025, a new version of the statistical industrial classification of activities (NACE’25) will replace the currently applicable classification system (NACE’08). The change was mandated by EU legislation, and as a result from 1 January 2025 economic activities pursued by Hungarian companies must be classified according to the new NACE’25.Hungary’s parliament has just adopted the act outlining the obligations of Hungarian companies regarding the upcoming changes to the activity-classification system specified below.Until 31 January 2025, the National Tax and...

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  27/11/2024

  England and Wales

  Energy: The meaning of 'Value' and waiver of termination rights

  In URE Energy Ltd v Notting Hill Genesis [2024] EWHC 2537 (Comm), the English Commercial Court was required to determine the meaning of the word ‘value’ in a termination remedies clause. As the word is widely used in oil and gas, and power contracts the approach of the court will be of interest to energy practitioners. The decision also provides a useful insight into what events may be needed to inadvertently waive a right to terminate. FactsURE Energy Ltd (“URE”) is an energy company. Notting Hill Genesis (“NHG”) is a publicly funded charitable organisation.On...

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  19/11/2024

  Pays-Bas

  Netherlands Court of Appeal Milieudefensie v. Shell decision to have far-reaching implications

  On 12 November, the Court of Appeal in The Hague rendered a landmark judgment in the climate case of Milieudefensie et al. v. Shell, which has garnered worldwide attention given its broader implications for corporate responsibility in addressing climate change. The following article delves into the key elements of the court's decision structured around the seven pillars that guided the judgment and explores the ruling’s potential implications. Climate change and human rights: The court began by affirming that protection against climate change is a fundamental human right. This principle...

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  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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