Nigeria considers changes to Nigerian content requirements in the oil and gas sector

What has happened? The Nigerian government has prepared new legislation – the Nigerian Content Development and Enforcement Bill (“ Bill ”) – to revise the country’s regulatory approach to mandatory Nigerian content in the oil and gas sector and beyond. The Bill was submitted to the House of Representatives on 18 December 2019 for its first reading and has made slow legislative progress since (and which seems likely to slow further as the Government tackles the effects of Covid-19 and the oil price crash).. What does it cover? The Bill, if it becomes law, will repeal and replace the Nigerian...

Are the financial markets ready to weather the COVID-19 Storm?

The current COVID-19 pandemic is causing significant concern in the financial markets, reviving memories of the 2008 financial crisis. The sudden and almost complete shutdown of many non-essential businesses due to the mandatory ‘social distancing’ requirements has resulted in a wave of business closures, factory shut-downs, lay-offs and government-backed furloughs in many countries across the world. The UN's trade and development agency estimates that the slowdown in the global economy caused by COVID-19 is likely to cost at least $1 trillion. The financial crisis of 2008 resulted in a...
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FERC Issues Notice of Proposed Rulemaking Aimed At Increasing Incentives for Transmission Investment

After a 2-1 vote, on March 20, 2020, the Federal Energy Regulatory Commission (“FERC” or the “Commission”) issued a Notice of Proposed Rulemaking (“NOPR”), proposing to revise its existing electric transmission incentives policy and corresponding regulations to enhance opportunities for utilities to qualify for and receive transmission incentives, including additional return on equity (“ROE”) adders in transmission rates, for transmission projects that ensure reliability of the grid or reduce the cost of delivered power by relieving transmission congestion. [1] The Commission proposes to...
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