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Global Energy Advisory - 22nd August 2014

Regulatory Alerts

A new tax law granting tax credits to oil companies appears to have survived a close referendum battle on Wednesday, with partial vote counts in showing that efforts to repeal the legislation trailing behind. The legislation, Senate Bill 21, only narrowly made it through the Senate last year, advertising itself as a way to attract investment for new wells to produce more for the trans-Alaska pipeline. However, critics say it provides no guarantees that oil companies will invest in Alaska.

Mozambique has approved favorable new petroleum laws that open the way for new oil and gas bids as well as a special tax break for offshore fields operated by US Anadarko Petroleum and Italy’s Eni. According to the new legislation, at least 25 percent of gas produced must be for local consumption. Mozambique also approved this week another bill on taxation for the Rovuma-1 and Rovuma-4 areas. Anadarko operates the Rovuma-1 field, in which the state owned oil company Empresa Nacional de Hidrocarbonetos, owns a stake. The fuel will feed liquefied natural gas export plants for shipment to world markets. The government is finalizing the process for new oil and gas bids, which is scheduled to be concluded by the end of 2014. The bottom line is that the new bill will mean lower taxes for Eni and Anadarko.

European exports of certain energy-related equipment and technology to Russia will be subject to prior authorization by EU member state authorities, as…

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