(Houston) – Lawyers and advisors at Akin Gump held a briefing today, titled “The Global Energy Industry: A Look to the Year Ahead in 2017,” addressing some of the big issues likely to affect the global energy industry in the coming year. The event was held as an in-person briefing in the firm’s Houston office and as a webinar for participants around the world.
(Houston) – Akin Gump is pleased to announce it has released its “2015 Energy Year in Review,” which examines the current state of the global energy market and highlights the energy matters with which the firm was involved last year in the following areas:
- financial restructuring
- capital markets
- project development and project finance
- energy regulation, markets and enforcement
- energy litigation and international arbitration.
On August 7, 2015, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) published a final rule adding the Yuzhno-Kirinskoye Field, a Russian oil and gas field located in the Sea of Okhotsk, to its Entity List, a restricted party list maintained by BIS which identifies foreign persons that engage in activities contrary to U.S. national security and/or foreign policy interests. Consequently, exports, reexports and transfers (in-country) of all items subject to the Export Administration Regulations (EAR) to this Russian field require a license from BIS. Furthermore, BIS will consider such license requests with a presumption of denial.
This blog posting is the third of a series of five postings from the 2014 year-end energy briefing.
This article was first published in The Metropolitan Corporate Counsel, January 2015 issue.
Burdick: Leading our next discussion is Wynn Segall, a partner in the International Trade practice. Wynn will provide an update on the situation in Ukraine and Russia.
On December 11, 2014, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) released new guidance related to existing U.S. sanctions against Russian entities designated on the Sectoral Sanctions Identification List (“SSI List”). Specifically, OFAC released the following three Frequently Asked Questions (FAQs) on its website:
- FAQ 419 providing guidance regarding the treatment of deferred payment terms under Directives 1, 2 and 3
- FAQ 420 clarifying the meaning of “production” in Directive 4
- FAQ 421 explaining the meaning of “Arctic offshore” projects in Directive 4.
(Houston, Washington and New York) – Today, members of Akin Gump’s global energy and transactions group provided a briefing for members of the media that included a look forward to U.S. and global trends in energy production in 2014.
The panel comprised energy regulation, markets and enforcement practice co-head Suedeen Kelly, energy partner Stephen Davis, London partner and Moscow partner in charge Sebastian Rice, global project finance practice co-head Adam Umanoff and financial restructuring partner Ira Dizengoff. The briefing was moderated by Rick Burdick, chair of the firm’s global energy and transactions group.
Ms. Kelly discussed distributed generation (DG)—“electric generation that’s connected to the distribution system as opposed to the transmission system,” in her definition, based in small generators typically but not exclusively owned by electric customers rather than utilities. She noted that it has the potential to be a game-changer for the electric industry, taking market share away from traditional electric utilities. She pointed to five factors driving DG’s growth: its affordability, customer empowerment, reliability, environment and efficiency, and new market opportunities in the face of stagnant electricity demand.