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ESMA Issues Public Statement on Collateralization of Bank Guarantees for Energy Derivatives

On November 19, the European Securities and Markets Authority (ESMA) issued a public statement (Public Statement) regarding its decision not to extend the current three year grace period which permits non-financial firms to...more

DOE Adds New Export Control Contract Clauses, Creating Additional Risk for Contractors

Effective November 23, 2015, all solicitations and contracts issued by the Department of Energy will require compliance with applicable export control requirements....more

The Petrobras Scandal Reaches Into Texas

As Houston is still the epicenter of the Foreign Corrupt Practices Act (FCPA) enforcement world, it is probably not too surprising that the Petrobras scandal has reached the Lone Star state. This week there were two reports...more

Renewable Energy and Climate Change Update

International negotiations on climate change have been ramping up. It is looking increasingly likely that a new global treaty on climate change will be concluded by the end of the year in Paris. Based on the current state...more

The Rise in Arbitration Claims Filed by Renewable Energy Investors Under the Energy Charter Treaty

In the past three years, the number of claims filed by renewable energy investors under the Energy Charter Treaty (ECT) has risen significantly. In particular, Spain, who had been the subject of only a handful of...more

Adoption Day in Iran Sanctions Deal: US and EU Give Clarification, But No Lifting of Sanctions Yet

The United States and European Union took preparatory steps on 18 October 2015 to begin fulfilling their commitments to suspend certain sanctions against Iran pursuant to the Joint Comprehensive Plan of Action (“JCPOA”)...more

Adoption Day Marks Start of Preparations for Iran Sanctions Relief

October 18, 2015 marked the starting point for official preparations for the expected lifting of sanctions against Iran under the recently agreed Joint Comprehensive Plan of Action (JCPOA). On this day, termed “Adoption Day,”...more

Wholesale Licensing in the Downstream Petroleum Industry in South Africa and Certain Other African Jurisdictions

The oil and gas industry is material to any economy as it has an impact on our everyday lives in various areas, including transportation, electricity, heating, lubricants and a variety of petrochemical products. The...more

Focus on Government: Canadian Federal Election 2015

With polls now closed and the longest federal campaign in recent Canadian political history officially over, a Liberal government is the new reality for Canada. In winning the election, the Liberals become the first...more

“Adoption Day” Marks Official Launch of P5 + 1 Nuclear Deal with Iran

The Joint Comprehensive Plan of Action (JCPOA), intended to prevent Iran from acquiring a nuclear weapon and to ensure that Iran’s nuclear program will be directed toward exclusively peaceful purposes, went into effect...more

What Exactly Is “Constructive Engagement”?

Yesterday, I wrote about SB 185 (De León) which mandates that California’s two giant pension funds to liquidate their investments in thermal coal companies on or before July 1, 2017.  One aspect of the bill that I didn’t...more

Tax Policy Update

After Majority Leader Kevin McCarthy’s dramatic exit from the race last week, the House GOP conference is taking the week-long Columbus Day recess to do a bit of soul searching and reflect on the future of a party left in...more

Solving the Chicken and the Egg Problem: Increasing Natural Gas Demand and Building Pipeline

Presidential candidate Jeb Bush recently laid out his vision for America’s energy future. Not coincidentally, Mr. Bush made this announcement in the heart of the Marcellus shale region. In the last decade, natural gas...more

House Passes Legislation Despite Chaos

Amid a House in chaos as a result of a Republican leadership vacuum, the U.S. House of Representatives managed to pass legislation (H.R. 702) last Friday to lift a 40-year ban on exports of domestic crude oil. Although 26...more

Hyperdynamics Resolves FCPA Investigation with SEC Settlement

On September 29, Hyperdynamics Corp. announced a settlement with the SEC, fully resolving the SEC’s FCPA investigation into the Houston-based oil and gas company’s operations in the Republic of Guinea. The SEC proceeded via...more

Hitachi Settles SEC FCPA Case for $19M

On September 28, the SEC filed a settled complaint in Washington, D.C. federal court against Tokyo-based Hitachi, Ltd. for alleged FCPA books and records and internal controls offenses. According to the SEC’s Complaint, the...more

The Dalton Gang’s Last Stand and What is a Conflict of Interest?

On this day in 1982, the fabled Dalton Gang rode into Coffeyville, Kansas, supremely confident in its ability to simultaneously rob two banks in the town. When the dust settled, four of the five gang members lay dead. The...more

Mining & Metals: Weathering the storm no more: Mining companies, including the sector's giants, need to act decisively and swiftly...

Will sustained stress unmake the mining & metals markets? A year ago, the first wave of distress in the mining & metals sector provided the industry’s major and mid-size players with something to think and talk about. It...more

Amendment to the Energy Law Act – application of the REMIT Regulation

I. Amendment to the Energy Law Act - On 26 September 2015 the President of Poland signed the amendment to the Energy Law Act of 10 April 1997. This act introduces measures necessary for the application of Regulation no....more

Iran Sanctions Relief: Opportunities and Challenges for US and EU Financial Institutions

Although US and EU sanctions targeting Iran are not likely to be lifted before early 2016, there are a number of issues which US and EU-based financial institutions should be aware of in preparation for sanctions relief as a...more

FCA Publishes New Market Watch Focusing on Commodities Traders and Market Abuse

On September 3, the Financial Conduct Authority (FCA) published issue 49 of Market Watch, its newsletter on market conduct and transaction reporting issues. In it, the FCA sets out its findings following a thematic review it...more

ICSID Tribunal Upholds High Threshold for Granting Provisional Measures and Ordering Security for Costs

The International Centre for Settlement of Investment Disputes (ICSID) tribunal recently reaffirmed the high threshold for granting provisional measures in investor-state disputes, including in the context of making an order...more

Iran Deal “Clears” Congress, But No Sanctions Relief Yet

On September 10, 2015, Senate Democrats in the U.S. Congress blocked a vote on a widely anticipated resolution to reject the Joint Comprehensive Plan of Action (“JCPOA”) regarding Iran’s nuclear program. On September 11, the...more

Supreme Court of Canada Addresses Recognition, Enforcement of Foreign Judgments in Chevron Case

In a much anticipated ruling, the Supreme Court of Canada (SCC) has released its decision in Chevron Corp. v. Yaiguaje, addressing recognition and enforcement of foreign judgments. The SCC unanimously held that for a Canadian...more

Oil and Gas Tenders in Mexico Proceed With Additional Specificity in Draft PSC

Where does Mexico’s upstream oil and gas bid round process stand? SJA: The tender for the first package of properties auctioned as part of Mexico’s “Round 1” covered shallow water blocks and ended on July 15, 2015, with...more

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