News & Analysis as of

Crude Oil

King & Spalding

UK Supreme Court: Downstream Emissions Must be Assessed in Environmental Impact Assessments for New Oil and Gas Projects

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In a highly anticipated judgment, a 3:2 majority of the UK Supreme Court ruled in R (Finch) v Surrey County Council and others [2024] UKSC 20 that environmental impact assessments (EIAs) for fossil-fuel projects must include...more

Gray Reed

Texas Deepwater Port Survives Legal Challenge

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In Citizens for Clean Air & Clean Water in Brazoria County et al v. United States Department of Transportation et al., several environmental groups challenged the DOT’s approval of a license for commercial construction and...more

Newburn Law

The Death of the Acreage Dedication?

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Acreage dedications in midstream oil and gas contracts have been subject to considerable scrutiny and legal debate in recent years. This article provides an overview of the current state of acreage dedications, examining key...more

Holland & Knight LLP

Reducen tarifas de retención y autorretención para el sector minero e hidrocarburos en Colombia

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El Gobierno Nacional de Colombia modificó mediante el Decreto 0242 de 2024 las tarifas de retención y autorretención aplicables a las empresas del sector minero y de hidrocarburos. Estas modificaciones fueron realizadas con...more

Newburn Law

Acreage Dedications in Midstream Contracts

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Acreage dedications are a fundamental component of midstream oil and gas agreements, playing a crucial role in facilitating the transportation of hydrocarbons from production sites to market. These dedications involve the...more

Seward & Kissel LLP

OFAC Announces New Price Cap Sanctions and Publishes Coalition Enforcement Alert

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On February 8, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced the imposition of sanctions against a network of foreign entities and a vessel involved in an asserted price cap...more

Nelson Mullins Riley & Scarborough LLP

OFAC Issues Russian Oil Price Cap Alert on Evasion Techniques

The Price Cap Coalition is an international partnership of the United States, the G7, the European Union, and Australia that was established in December 2022 to limit Russia’s ability to fund its war against Ukraine through...more

A&O Shearman

War, sanctions and force majeure: a trifecta of trouble for an oil supply agreement

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The court has looked at a “hindrance” on paying a debt in the context of a force majeure clause and whether a sanctions clause or the general law of sanctions excused payment. Litasco, a Swiss company wholly owned by a...more

Seward & Kissel LLP

The Importance of Sanctions and Export Control Compliance

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The United States manages more than three dozen separate economic and trade sanctions programs. Those programs target specified foreign governments along with thousands of named individuals, groups and entities in accordance...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Hazardous Waste Enforcement: U.S. Environmental Protection Agency and Shreveport, Louisiana, Refinery Enter into Consent Agreement

The United States Environmental Protection Agency (“EPA”) and Calumet Shreveport Refining, LLC (“Calumet”) entered into an October 25th Consent Agreement and Final Order (“CAFO”) addressing alleged violations of the Resource...more

Bracewell LLP

Expert Determination in the Energy Sector – When Will the Courts Intervene?

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It is not uncommon for parties to agree that certain disputes should be referred to an expert for determination. However, when those disputes arise, the parties may disagree about the scope of the exercise to be carried out...more

Seward & Kissel LLP

OFAC Sanctions Three Vessels and their Designated Owners for Violations of the Russian Price Cap Policy

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On December 1, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets control (OFAC) announced the imposition of sanctions on three entities and identified as blocked property three vessels that used Price Cap...more

Holland & Knight LLP

U.S. Ramps Up Sanctions on Companies and Vessels Violating the Russian Oil Price Cap Regime

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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Oct. 12, 2023, designated two tank vessels and their registered owners as Specially Designated Nationals (SDNs) for allegedly transporting...more

Nelson Mullins Riley & Scarborough LLP

OFAC Sanctions Two Non-U.S. Firms For Breaching Russia Price Cap Policy

The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department, in the last few days, imposed the draconian penalty of designating two shipping vessels and their registered owners in the UAE and Turkey as...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Refinery/CERCLA: Federal Appellate Court Addresses Whether United States Controls During World War II Established it as an...

Co-Author: Elizabeth Strickland The United States Court of Appeals for the Sixth Circuit (“Sixth Circuit”) addressed in a June 23rd Opinion the scope of the Comprehensive Environmental Response, Compensation, and Liability...more

Sheppard Mullin Richter & Hampton LLP

The EU’s 11th Sanctions Package: The Long(er) Arm of the Law

On June 23, 2023, the EU released its 11th package of sanctions on Russia. This package is designed to improve enforcement with new anti-circumvention rules, new trade restrictions, and new designations. The...more

Orrick, Herrington & Sutcliffe LLP

OFAC warns of possible evasion of Russian oil price cap

On April 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued an alert warning U.S. persons regarding the possible evasion of the price cap set on crude oil of Russian origin, particularly oil...more

Seward & Kissel LLP

Compliance Flash: OFAC Alert Warns U.S. Persons About Possible Evasion of Russian Crude Oil Price Cap

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On April 17, 2023, the United States Treasury Department’s Office of Foreign Assets Control (OFAC) issued an alert warning U.S. persons about possible evasion of the price cap on Russian Federation origin crude oil,...more

Holland & Knight LLP

ANH Colombia publica la Resolución 0181 de 2022: Se establece el precio promedio internacional del petróleo crudo de referencia...

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La Agencia Nacional de Hidrocarburos (ANH) de Colombia, el 1 de marzo de 2023, expidió la Resolución 0181 por medio de la cual publica el precio promedio internacional del petróleo crudo de referencia Brent del año 2022, así...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

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This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). On Feb. 3, OFAC...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

BakerHostetler on

This update addresses the full implementation of the price cap policy for crude oil and petroleum products of Russian origin by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). On Feb. 3, OFAC...more

WilmerHale

Global Jurisdictions Adopt New Price Cap on Russian Petroleum Products - New Guidance Creates Additional Compliance Expectations

WilmerHale on

Effective February 5, 2023, the Price Cap Coalition (the Coalition), consisting of the G7 nations, the European Union (EU) and Australia, set a price cap of $45 per barrel for “Discount to Crude” petroleum products of Russian...more

Holland & Knight LLP

OFAC Updates U.S. Oil Price Cap Policy Against Russia

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As an update to an earlier Holland & Knight alert on the same topic, the U.S. Department of the Treasury Office of Foreign Asset Control (OFAC) has published another determination pursuant to Executive Order 14071 expanding...more

BakerHostetler

Current State of U.S. Economic Sanctions Imposed on the Russian Federation and Covered Regions of Ukraine in Response to the...

BakerHostetler on

This update includes the U.S. Department of the Treasury’s Office of Foreign Assets Control’s (OFAC) recent actions regarding the Russian seaborne oil price cap policy aimed at maintaining the supply of Russian oil to the...more

Locke Lord LLP

OFAC Russia Related Sanctions ‎Update: ‎‎January 2023

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Russia’s Response to Western Oil Price Cap and New OFAC Preliminary Guidance on Implementation of the Price Cap Policy for Petroleum Products of Russian Federation Origin...more

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