Energy Update - 18 June 2013

Welcome to this edition of Field Fisher Waterhouse's Energy Update. This fortnight we look at the proposed Economic Crime Bill and Ofgem's call for evidence in relation to price-reporting benchmarks and its consultation on REMIT. There are new European disclosure rules and new UK anti-tax avoidance measures, which will both affect energy companies. An independent review into oil & gas resources in the UK has just been announced. There are also developments in relation to potentially new and abundant fuel sources – shale and methane hydrate. There is recent news that oil & gas assets in West Africa may be reclaimed by the national oil company. We explore a recent Court of Appeal judgment in relation to the enforceability of a mining industry commercial contract where terms were "to be agreed" and include a wide-ranging interview with Dr. Robert Trice, CEO of Hurricane Energy PLC.