by Hardwick Legal | May 26, 2021 | Purpose Built (LexisNexis)
<p><strong>What is the </strong><strong>extent of decommissioning liability under the
Petroleum Act 1998 with regard to wells drilled after the relevant oil field
license had been sold to a third party? </strong></p><p><strong></strong>On 17 May 2021, the Commercial Court handed down judgement in the case of Apache UK Investment Ltd v Esso Exploration and Production UK Ltd <a data-sf-ec-immutable="" href="https://www.bailii.org/ew/cases/EWHC/Comm/2021/1283.html">[2021] EWHC 1283 (Comm)</a>. The case concerned a dispute as to the amount of security to be provided under bilateral decommissioning security agreements (BDSAs) entered into as part of a purchase by Apache from Esso of a company that held licenses in six North Sea oilfields. At the time of the agreements, Apache Corporation, the ultimate parent company of Apache, provided a guarantee in support of Apache’s obligation to indemnify Esso fo</p>
Source: LexisNexis Purpose Built
Case Analysis—Apache v Esso and decommissioning liability under the Petroleum Act 1998
by Hardwick Legal | May 26, 2021 | Purpose Built (LexisNexis)
<p><strong>What are the current hurdles to decarbonising the cryptocurrency industry, and what role can lawyers and industry initiatives like the Crypto Climate Accord (CCA) play in decarbonisation? </strong></p><p>In recent weeks there has been increasing news coverage of the environmental impact of certain cryptocurrencies like Bitcoin, which rely on a mining process that uses huge amounts of energy, predominantly from non-renewable sources. What’s more, because cryptocurrencies are relatively new, largely unregulated, global and decentralised, they present numerous challenges to any lawyers considering how to regulate the industry to improve its environmental record. But it’s not all bad news – some cryptocurrencies have proven that it’s possible to mine currencies in energy efficient ways, while major industry players have come together to</p>
Source: LexisNexis Purpose Built
Road to COP26—can bitcoin be green?
by Hardwick Legal | May 25, 2021 | Purpose Built (LexisNexis)
<p><strong>How viable are market-based measures (MBMs) as a method to reduce carbon emissions generated by maritime shipping, and what role should they play in the industry’s transition to net zero?</strong></p><p>At the 26<sup>th</sup> Conference of the Parties to the United Nations Framework Convention on Climate Change (<a href="https://ukcop26.org/" data-sf-ec-immutable="">COP26</a>) taking place this November, participating countries will be asked to set targets for reducing greenhouse gas (GHG) emissions that align with a shared ambition of reaching net zero emissions by 2050. With the shipping industry currently accounting for just under 3% of global GHG emissions, a viable plan for decarbonising maritime is necessary if this goal is to be achieved in time to prevent the worst impacts of climate change. </p><p>In recognition of their role in reducing global emissions, shipping industry bodies have recently <a href="https://www.worldshipping.org/pressroom/article?news_article_id=131" target="_blank" data-sf-ec-immutable="">called on the Member States of the International Maritime Organi</a></p>
Source: LexisNexis Purpose Built
Road to COP26—Reducing carbon emissions from maritime shipping
by Hardwick Legal | May 14, 2021 | Purpose Built (LexisNexis)
<p>We have published a new Practice Note on the European Green Deal, see: <a data-sf-ec-immutable="" href="https://www.lexisnexis.co.uk/legal/guidance/the-european-green-deal-tracker">The European Green Deal—tracker</a>. </p><p>This new Practice Note provides an overview of the European Commission’s Green Deal programme, being its ‘roadmap for making the EU’s economy sustainable’, central to which is the EU’s commitment to becoming the first climate-neutral continent by 2050. The European Green Deal therefore sets out policy measures designed to reduce greenhouse gas emissions across sectors, as well as measures aimed at tackling biodiversity loss, defor</p>
Source: LexisNexis Purpose Built
The European Green Deal—overview and developments
