Oil & Gas Council Executive Interview with Alex Msimang, London Office Managing Partner, and Vinson & Elkins’ London Oil & Gas Team
On Friday April 17, 2020, the New Mexico State Land Office (“NMSLO”) held a virtual public hearing on its proposed amendment to the previously expired Section 184.108.40.206 of the New Mexico Administrative Code (the “Proposed Rule”), which would allow qualifying lessees of New Mexico state oil and gas leases to temporarily suspend production for up to two years without losing their leases.
On April 3, 2020, the New Mexico State Land Office (“NMSLO”) announced the initiation of emergency rulemaking processes that would allow qualifying lessees of New Mexico state oil and gas leases to temporarily suspend production for at least 30 days (with a possible extension of up to 120 days following the commencement of longer-term rulemaking processes) without losing their leases or incurring a financial penalty.
A number of environmental, health, and safety regulatory agencies are beginning to recognize that companies are challenged in their ability to meet deadlines, and no doubt more will follow.
On March 11, 2020 the World Health Organization (WHO) declared the COVID-19 outbreak to be a pandemic.
COVID-19 presents a unique and, for most parties, unprecedented challenge – a pandemic that has resulted in a global public health crisis and significant restrictions on global trade and labor, the repercussions of which continue to evolve on a daily basis.