In this edition of Mayer Brown’s Global Energy Industry Review, we begin by highlighting key revisions of the Association of International Petroleum Negotiators’ 2012 Joint Operating Agreement (JOA). It is expected that this new JOA will take over as the new international industry standard, and our article examines how some of the changes reflect the latest commercial realities of the upstream oil and gas sector, particularly in light of events such as the Deepwater Horizon tragedy and the implementation of the UK Bribery Act 2010.
We then turn to Germany and share details of the European Commission’s recent decision to generally exempt from the EU procurement rules all public companies active in the production and wholesale of conventional electricity in Germany.
More than a year ago, the European Commission published its Proposal for a Council Directive, amending Directive 2003/96/EC and restructuring the European Community framework for the taxation of energy products and electricity (the Energy Taxation Directive). We discuss what the proposal is seeking to achieve and provide some insights on where the process actually stands.
Moving to the continent of Asia, we take an in-depth look at the declining oil production in Vietnam and how the increasing needs for energy are requiring this nation to strengthen the exploration and development of its deepwater resources.
Looking to the United States, we highlight efforts to increase offshore wind energy development off the Atlantic Coast by the current US administration and five of the eight Great Lakes states, which have signed a memorandum of understanding intended to streamline the efficient and responsible development of offshore wind energy resources.
Finally, we close the summer issue of the Review by sharing significant Mayer Brown Global Energy News.
This edition of Global Energy Industry Review showcases current energy-related trends around the world. We regularly publish legal updates on timely industry issues. Please visit our Energy News and Publications page to view a complete list of our energy updates.