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Inflation Reduction Act
Taxpayers Get Answers on 45Q Questions With IRS Guidance
The Internal Revenue Service released helpful guidance in Revenue Ruling 2021-13, regarding the scope of carbon capture equipment and the requirement that a taxpayer own the carbon capture equipment to qualify for carbon sequestration credits under Internal Revenue Code Section...
Anti-Concealment in the Kingdom of Saudi Arabia
The Saudi Ministries of Commerce and Justice, and the Zakat, Tax and Customs Authority (collectively the “ Saudi Authorities ”) have recently and significantly beefed up their approach to parties breaching anti-concealment legislation in the Kingdom, i.e. foreign entities unlawfully...
Understanding Nigeria’s Petroleum Industry Act
Over two decades in the making, the Petroleum Industry Act (PIA) has become law and establishes a new reality for Nigeria’s oil and gas industry. The scale of the changes implemented by the PIA is widespread and profound – it...
Power Plays: The Case for RNG
Growing interest in Renewable Natural Gas plays has our team taking a closer look at the profitability and sustainability merits of making natural gas from animal manure, landfill gas, food waste, or wastewater. I. What is it? Renewable Natural Gas...
LNG in Europe 2021: Current Trends, The European LNG Landscape and Country Focus
This report provides an overview of current trends in the European LNG market, describes the status of the European LNG landscape in 2021, and looks at current activities in individual LNG-importing countries in Europe. CURRENT TRENDS IN THE EUROPEAN LNG...
SEC Is Still Cyber Serious About Disclosures
On the heels of the First American enforcement action and settlement , this week, the SEC announced a settlement with Pearson plc in connection with a 2018 cyber breach. The SEC disclosed that Pearson, a London-based educational company, agreed to...
OSHA's Revised COVID-19 Guidance Adopts CDC's Latest Recommendation on Masks for Vaccinated Employees, Advocates for Vaccination, and Suggests Periodic Testing for Unvaccinated Employees
In response to the modified COVID-19 recommendations published by the Centers for Disease Control and Prevention (CDC) on July 27, 2021, on Friday, August 13, 2021, the Occupational Safety and Health Administration (OSHA) updated its Guidance on Mitigating and Preventing...
Sustaining the Green Energy Revolution
As greenfield renewable energy developments accelerate in size and volumes, while potential investors begin to rumble about sky-high prices in the renewables secondary market, questions are being asked whether a bubble is forming. We consider (on the back of our...
Methane Rule Changes Add Complexity for Oil and Gas Cos.
On June 30, President Joe Biden signed into law a resolution under the Congressional Review Act, or CRA, that disapproved a final rule adopted by the prior administration making significant changes to Title 40 of the Code of Federal Regulations...
President Signs Executive Order Directing Federal Agencies to Promote Competition and Increase Antitrust Enforcement
On July 9, 2021, President Biden issued Executive Order 14036 , “Promoting Competition in the American Economy,” which broadly targets anticompetitive practices and corporate consolidation across many sectors of the U.S. economy. The ambitious and wide-ranging Executive Order contains 72...
Congressional Review Act Resolution Changes both Scope and Effect of EPA's Methane Rule
On June 30, 2021, President Biden signed into law a resolution under the Congressional Review Act (CRA) that disapproved a final rule adopted by the prior administration that made significant changes to 40 C.F.R. Part 60, Subpart OOOOa – the...
IRS Provides Welcome Guidance on Code Section 45Q Credits in Revenue Ruling 2021-13
On July 1, 2021, the Internal Revenue Service (IRS) released Revenue Ruling 2021-13 (the Revenue Ruling), addressing the application of section 45Q of the Internal Revenue Code of 1986, as amended (Section 45Q) to carbon dioxide captured with carbon capture...
IRS Further Extends the Continuity Safe Harbor for Qualifying Solar and Wind Projects
On June 29, 2021, the IRS released Notice 2021-41 (the Notice) extending the length of the Continuity Safe Harbor (as defined below) for purposes of claiming the investment tax credit (ITC) or the production tax credit (PTC). Developers and investors...
Rare Judgment from Commercial Court on Scope of AA 1996, s 32 and Its Interaction With AA 1996, s 72 (Armada Ship Management v. Schiste Oil And Gas Nigeria)
Arbitration analysis: In recognition of the relative rarity of applications under section 32 of the Arbitration Act 1996 (AA 1996), Mrs. Justice Cockerill in the Commercial Court elected to hand down a written judgment in respect of an application for...
The Future of Carbon Capture, Utilization and Storage Projects
Code Section 45Q and Proposed Amendments: Elizabeth McGinley Permitting Requirements for CCUS: Jeff Holmstead Land Rights for CCUS: JJ McAnelly and Austin Lee Contractual Arrangements for CCUS: Patrick Johnson CCUS Innovation and IP Due Diligence: Brad...