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Petroleum Licenses in the UK: Contract or Regulation?

Under the Petroleum Act 1998, the Secretary of State is authorized to grant licenses for the exploitation and production of hydrocarbons. The legal characteristic of such licenses has been an open question. If petroleum...more

New Regulator, New Rules: The OGA’s Decommissioning Costs Estimates for the UKCS

A recent report on decommissioning provides up-to-date predictions for the future costs of dismantling infrastructure in the United Kingdom Continental Shelf. It is the first financial estimate by the Oil & Gas Authority...more

Bridging Valuation Gaps and Other Barriers to M&A in the UK North Sea

Chrysoar, a little known oil company, backed by U.S. private equity (PE) firm EIG Partners, made headlines this week when it purchased $3.8 billion of North Sea assets from Shell. The sale comprises more than half of Shell’s...more

2016 Review: Developments In The Regulation of The UK Continental Shelf

A significant development occurred in the United Kingdom’s oil and gas industry on 1 October 2016. The Oil & Gas Authority (OGA), the industry regulator, was converted from an executive agency of the government to a company...more

Legal Brexit: Energy - Oil & Gas

On 23 June 2016, the UK electorate voted in a referendum to leave the European Union (EU). This outcome is expected to have far-reaching consequences for UK industry, including the oil & gas sector. These include: short- to...more

9/24/2016  /  EU , Member State , Oil & Gas , Popular , Referendums , UK , UK Brexit

UK 2015 Budget – Changes to the North Sea Tax Regime

In a move designed to breathe life into the United Kingdom’s North Sea oil and gas industry, the United Kingdom’s Chancellor of the Exchequer has announced a suite of tax cuts as part of the 2015 Budget. The cuts are a...more

4/10/2015  /  Corporate Taxes , Oil & Gas , Tax Cuts , UK

Change of control: developments in the United Kingdom

Why is change of control an issue? In addition to contractual provisions amongst joint venture parties, change-of-control restrictions are often also included in a country’s petroleum laws....more

Heritage Loses to Tullow Oil in Tax Indemnity Dispute

On June 14, 2013, the High Court in London ruled that Heritage should pay Tullow Oil c.$313 million under the terms of a tax indemnity relating to the 2010 transaction that saw it acquire Heritage oil licenses in Lake Albert,...more

Recent Hydraulic Fracturing Trends in the United Kingdom

August is known as the “silly season” in the U.K. media. With a large part of the country on vacation, it is a month in which newspapers struggle to fill column inches. Stories emerge that would typically not receive as much...more

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