On January 27, 2021, President Biden signed Executive Order 14008, Tackling the Climate Crisis at Home and Abroad (the “Order”). The Order sets forth the Biden administration’s policies to address climate change through both foreign and domestic policies and demonstrates the administration’s intent to make addressing climate change a top priority for nearly every department

Over 1,000 firms have made either indicative or concrete pledges to align their greenhouse gas emissions with the Paris Agreement—which means reducing emissions to zero by 2050. For many firms, achieving this aim will require the use of carbon offsets at some point. On January 27, 2021, the Taskforce on Scaling Voluntary Carbon Markets published

Since US President Biden’s inauguration, the Biden administration has taken several actions to restrict the issuance of oil and gas permits for production on federal public lands and federal offshore waters, but the extent of the shift in policy undertaken remains uncertain as the US Department of Interior has continued to issue permits for drilling

In December of 2020, the US Internal Revenue Service issued final regulations on like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended. The Final Regulations, which generally apply to exchanges beginning after December 2, 2020, provide much-needed clarity for natural resource-related assets.

Please see Legal Update at the link below:

Although the incoming Biden administration has put forth bits and pieces of a variety of potential tax reforms and incentives, two focus areas have clearly emerged—a reduction or rollback of certain provisions of the 2017 Tax Cuts and Jobs Act and a focus on clean energy and reducing carbon emissions (while promoting US-based manufacturing). Policy

On January 18, 2021, the Energy Regulatory Commission (Comisión Reguladora de Energía, “CRE”) published in the Official Gazette of the Federation (Diario Oficial de la Federación, “DOF”) a resolution suspending again all deadlines and terms of actions and procedures before the CRE.

In a manner similar to the last suspension resolution, the

In a speech on 24 November 1992, marking her Ruby Jubilee on the throne, Queen Elizabeth II said, “1992 is not a year on which I shall look back with undiluted pleasure. In the words of one of my more sympathetic correspondents, it has turned out to be an annus horribilis.”

Annus horribilis. This is a moniker that oil and gas insiders might well apply to 2020 given the disastrous effects on the industry from Covid-19 pandemic (“Pandemic”) and its accompanying recession which brought a precipitous fall in demand and price. Indeed, in May the price of crude oil briefly went negative for the first time in history. This was followed by massive layoffs across the board and sharply curbed investments in planned and ongoing projects. Several major oil companies announced profound changes in their long-range focus from hydrocarbons to greener energy.

Brazil’s oil and gas industry was by no means immune from Covid-19´s fallout. In a June 29 communique, the Brazilian Petroleum Institute (“IBP”) predicted that the negative effects of the pandemic would last through the end of 2021. In addition, the pandemic returned Brazil to recession after three years of modest recovery. Despite this adversity, the Brazilian oil and gas sector, led by a proactive National Petroleum Agency (“ANP”), managed to largely maintain focus on long-term industry goals, benefiting from certain short-term regulatory relief discussed below.


Continue Reading When the Going Gets Tough the Tough get Going: Brazil Oil & Gas Thrives Despite the Pandemic

2020 was a fascinating year for all lawyers in the global oil & gas sector.

Over the year we had some brilliant speakers leading discussions with industry lawyers through our oil & gas lawyers’ forum – click on this link to see what we discussed.

Our sessions usually take place on Wednesday mornings (UK

December 27, 2020, President Trump signed into law the $900 billion economic stimulus package, which Congress passed the prior week. This legislation (H.R. 133) aims to support the US economy by reauthorizing and providing additional funding for the fiscal support programs established by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). In particular,