After China’s annual Two Sessions in March, policy directives by departmental ministries and provincial governments on energy transition have come into shape. The first quarter of 2021 saw the country experiencing a steady upsurge in renewable energy capacity with a total installed capacity of renewable energy amounting to 948 million kilowatts from 794 million kilowatts by the end of 2019. As China progresses towards the carbon neutrality goal of peaking carbon emissions before 2030 and reaching carbon neutrality in 2060, the local directives supply more details to the 14th Five Year Plan (the “Plan”).

Continue Reading PART II. Key Policy Directives for China’s Energy Transition: Implementation of the National 14th Five Year Plan

On March 31, 2021, the Biden administration released the American Jobs Plan (the “Infrastructure Plan”), which is a proposal that, if ultimately enacted, aims to modernize outdated infrastructure, create additional jobs and increase the United States’ global competitiveness. Alongside the Infrastructure Plan, the Biden administration released a Made in America Tax Plan (the “Tax Plan”),

At its last formal meeting during the Trump administration, the US Federal Energy Regulatory Commission opened a Notice of Inquiry to determine whether to impose financial assurance requirements on hydropower licensees and, if so, what those financial assurance requirements should be.

Please read the Legal Update at the link below.

https://connect.mayerbrown.com/392/7938/compose-email/us-energy-regulator-considers-financial-requirements-for-hydropower-projects.asp?sid=blankform

For a brief period in 2009, Angola was Africa’s largest oil producer with production reaching 2 million barrels per day. Current production is around 1.37 million barrels per day. This reduction is generally attributed to (i) naturally production profile declines in major plays, (ii) low oil price environment, (iii) disappointing drilling results, and most recently (iv) Covid-19 pandemic effects.

Angola desperately needs to diversity its oil-dependent economy by capitalizing on its other potential strengths such as mineral extraction and agriculture. Even a strong diversified economy, however, will need a solid oil and gas industry as its base for the foreseeable future.

As keynote speaker at the 2019 Africa Oil and Gas Conference, Angolan President João Lourenço said, “Africa has great unexplored hydrocarbon potential, and . . .  Angola occupies one of the top spots on the continent. The Angolan government is aware of this reality and its potential, [and] considers petroleum and gas as catalyzers for a new dynamic, renewable and self-sustainable dynamic economy.”


Continue Reading Angola’s Back! Five Key 2020 Moves to Increase Oil and Gas Stakeholder Returns