News & Analysis as of

Oil & Gas Crude Oil

Oliva Gibbs LLP

Increased Efficiencies in the Permian Basin Contribute to National Growth

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In April of 2024, the Railroad Commission of Texas (“RRC”) posted a year-end review of production for the year of 2023. According to the RRC, Texas oil and gas production reached record highs in the year of 2023....more

White & Case LLP

Modification of the guidelines regulating the issuance of import and/or export Permits for hydrocarbons and petroleum products

White & Case LLP on

On September 18th, the "Agreement Amending the One that Establishes the Goods Whose Import and Export are Subject to Regulation by the Ministry of Energy" (the "Agreement") was published in the Official Gazette of the...more

King & Spalding

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

King & Spalding on

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

Gray Reed on

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?

Newburn Law on

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

Newburn Law

Acreage Dedications in Midstream Contracts

Newburn Law on

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

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

Bracewell LLP

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

Bracewell LLP on

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

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

Holland & Knight LLP

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

Holland & Knight LLP on

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...

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

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

Holland & Knight LLP on

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

Locke Lord LLP on

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

Skadden, Arps, Slate, Meagher & Flom LLP

EU and UK Price Cap on Russian Crude Oil

On 5 December 2022 the $60 per barrel price cap on Russian crude oil announced by the G-7 finance ministers in September 2022 came into effect in the United States, European Union and United Kingdom. The price cap is...more

The Volkov Law Group

OFAC Due Diligence and Attestation Requirements (Part IV of IV)

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OFAC’s guidance is intended to ease the burden on an otherwise difficult compliance problem.  Companies have to act in good faith to avoid transacting business involving Russian crude oil that has been sold above the $60 per...more

The Volkov Law Group

Finding Safe Harbors Under OFAC’s Price Cap Regulations (Part III of IV)

The Volkov Law Group on

The Biden Administration recognizes that the Russian Price-Cap Policy imposes serious burdens on U.S. energy companies and industries that provide ancillary services to the energy sector.  It is even more complicated given...more

Hogan Lovells

Update: U.S. sanctions regarding Russian-origin crude oil and price cap

Hogan Lovells on

On 2 December 2022, the US Department of the Treasury issued a press release announcing a $60/barrel price cap that will apply to the prohibition on US persons from engaging in a broad range of services related to the...more

The Volkov Law Group

Navigating Risky Waters: Compliance with OFAC’s New Price-Cap Policy (Part II of IV)

The Volkov Law Group on

While OFAC is not always known for its clarity, the department is trying to make it easier for participants in global oil markets to comply with the Price-Cap Policy against Russian oil. This is not an easy task since there...more

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