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Oil and gas rights offshore are owned by either the state or federal government and leased to oil companies for development. The tidelands controversy involve the limits of state ownership. Although oil and gas laws vary by state, the laws regarding ownership prior to, at, and after extraction are nearly universal.
Due diligence can be a legal obligation, but the term more commonly applies to voluntary investigations. It may also offer a defence against legal action. A common example of due diligence is the process through which a potential acquirer evaluates a target company or its assets in advance of a merger or acquisition. [1]
Pakistan: Oil & Gas Regulatory Authority (OGRA) is the primary Oil & Gas Regulator Established under the OGRA Ordinance, 2002 for regulating the midstream and downstream Oil & Gas Sector in the country for regulated activities pertaining to issuance of Licences, Revenue Requirements and Tariff Determination for Oil & Gas molecules sold by the ...
When a petroleum license is granted, the company or joint venture is given a limited time for the exploration of the license. If after the limited time, the company has not discovered or performed its minimal obligations (usually agreed with the government as a minimum number of exploration wells and investment on seismic ) the license will be relinquished.
Due diligence requirements are determined according to the NAICS codes associated with the prior business use of the property. There are 58 specific NAICS codes that require Phase I Investigations. These include, but are not limited to: Funeral Homes, Dry Cleaners, and Gas Stations. The SBA also requires Phase II Environmental Site Assessment ...
The oil, gas, and geothermal wastes included drilling fluids, produced waters, and other wastes associated with oil and natural gas exploration, development, or production. [34] The EPA proposed that regulation of special wastes under Subtitle C, be deferred until further study.
Section 6 of the OGRA Ordinance give powers to the authority. OGRA has the exclusive power to grant licenses for regulated activities in the natural gas, compressed natural gas (CNG), liquefied petroleum gas (LPG), liquefied natural gas (LNG) and oil sector. These activities include construction of pipelines, development of transmission and ...
Greg Eckersley, a board member, who previously worked at the Abu Dhabi sovereign wealth fund overseeing due diligence, who had been acting as the Interim CFO left the firm. LEKOIL also appointed two new Non-Executive Directors, Tony Hawkins, a well-known oil lawyer and The Rt. Hon. Mark Simmonds , a former UK Government minister who was Foreign ...