Iraq’s oil potential still mainly untapped
With output of around 4.4 million barrels per day (as of March 2018), Iraq is the second largest oil producer in OPEC after Saudi Arabia, and holds the world’s fifth largest proven crude oil reserves.
CMS
50 years of OTC – 50 years of the North Sea!
Given that OTC will be in full swing in Houston as this is published, and that it is celebrating its 50th anniversary, I thought it would be timely to look back over 50 years of oil and gas in the North Sea with a bit of a legal lens. We are also celebrating at CMS, since our Aberdeen office is 25 years old this year so it’s a good time for reflection.
ONE shows the way forward for growing digital economy
The digital economy is something that is often spoken about but which to some degree feels remote to us here in the north-east of Scotland.
Transferable tax history and deal structures
The UK’s oil & gas industry is hotly anticipating the introduction of Transferable Tax History (TTH) to the UKCS taxation regime with effect from November 1, 2018.
North-east Scotland’s new energy industry
Aberdeenshire has a new energy industry and it’s green. From being the dream of a few individuals probably written off as slightly barmy, offshore wind has become a major part of the energy transition, for the UK as a whole, but also for north-east Scotland. Just take a look off the beach at Balmedie where the piles for the Aberdeen Bay Offshore Wind Farm are being installed as I write. Work is also continuing apace in the Moray Firth where the last 12 months have seen installation of all the offshore piles and a third of the jackets for the 84-turbine, £2.6billion Beatrice Offshore Windfarm. The first electricity could be generated as early as July and the operator, SSE, expects the farm to generate up to 588MW of power – enough for about 450,000 homes – once it is fully operational, which is expected in 2019.
Opinion: Land deals can be key to viable renewables sector
The UK Government’s decision to end wind farm subsidies, including closure of the Renewables Obligation to nearly all new generating capacity, has raised concerns across the nation’s renewable energy sector. New renewable generating stations will now be expected to seek support under the Contract for Difference (CFD) mechanism but this is only open to emerging technologies such as offshore wind. The more established means of renewable power generation including onshore wind, solar and biomass are currently excluded from CFD support.
What’s new for subsea developments?
A few recent legal developments have implications for the subsea sector, among others.
CMS: Courting the old chestnuts
Notwithstanding a degree of stability during 2017, the “lower for longer” oil price continues to affect the industry, and while these pressures can be positive, forcing efficiencies and stimulating innovation, they also bring challenges, and at times disputes.
OGA’s impact on industry remains a work in progress, CMS says
December is always a good time to reflect on what we’ve seen in the past year and consider what the next 12 months might hold for the UK’s oil and gas sector.
Opinion: What if your international standard isn’t fit for purpose?
Who takes the risk in an offshore construction project if the design imposed by the contract terms is wrong? The company which has required the use of that design, or standard, or the contractor which agreed to design and build using it?
Opinion: Expectations for the Oil and Gas Authority in 2017
As 2017 progresses, the Oil & Gas Authority (OGA) will have a lot on its plate as it clarifies expectations, identifies priorities and grows more confident in applying its powers.
CMS leads three way law merger
Law firm CMS has led a three-way merger with rival city firms to create the UK’s sixth largest law practice.
Opinion: Vessel seizure highlights grim reality of Modern Slavery
Last week’s incident in Aberdeen Harbour where an offshore supply vessel was detained with 15 Indian nationals on-board, who had allegedly been unpaid for two months, has highlighted the relevance of the Modern Slavery Act in today’s offshore oil and gas industry.
Innovative thinking can help infrastructure deals proceed
Decommissioning and security related issues have been one of the principal barriers to upstream oil and gas mergers and acquisitions activity in recent years.
Opinion: Cycling approach could help transform North Sea sector
There may not appear to be an obvious link between the prospects for North Sea oil and gas and the recent successes of British Cycling. But the innovative thinking which delivered Olympic gold medals and Tour de France victories could also benefit the UK’s energy industry.