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The Federal High Court (FHC or the Court ) Lagos
Division, on Monday 28 September 2020, overturned the judgment of
the Tax Appeal Tribunal (TAT or the Tribunal) in the appeal
between the Federal Inland Revenue Service (FIRS or the
Appellant ) and Total E&P Nigeria Limited (Total or the Respondent ) by ruling that petroleum investment
allowance (PIA) should be included in the computation of balancing
charge on disposal of assets used for petroleum operations.
Specifically, the FHC held that PIA granted by Paragraph 5 of
the Second Schedule to the Petroleum Profit Tax Act Cap P13, Laws
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On February 23, 2021, the House of Representatives discussed and
approved the draft of the Amendment of the Electricity Industry Law
proposed by Mexico President López Obrador on February 1
(the “Amendment”), with a total of 304 votes by the
representatives of MORENA, the political party of the president
which holds a majority of seats in the House of
Representatives.
The plenary session followed up a heated discussion by the
Energy Commission of the House of Representatives on February 19,
in which the minority parties submitted a motion to include a
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On October 8, Greenfire Oil and Gas Ltd. and Greenfire
Hangingstone Operating Corporation (collectively, Greenfire) each
filed a Notice of Intention to Make a Proposal pursuant to section
50.4(1) of the
Bankruptcy and Insolvency Act (Canada), RSC
1985, c B-3, as may be amended from time to time (the BIA) (such
proceedings, referred to herein as the NOI Proceedings) and Alvarez
& Marsal Canada Inc. was appointed as Proposal Trustee (the
Proposal Trustee) of Greenfire. Greenfire is focused on oilsands
development and production and their primary asset is a
Part 3
Without question, the top story over the last year has been the
COVID-19 pandemic and its tremendous ongoing effects felt across
Canada and the world.
This time has had a significant impact on Canada s energy
industry and many of the changes and developments that took place
in 2020 will continue to influence trends, business decisions and
the future growth of Canada s energy industry in 2021.
As we look back at 2020, we have highlighted the Top 20 industry
developments and decisions made throughout the year in four key
areas: Judicial decisions, regulatory decisions, legislative and policy
developments, and transactions and trends.
In this article, we analyze the
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2020 has been unprecedented in the scale and magnitude of
economic turbulence both globally and locally. While the start of
the year brought high expectations for the oil and gas sector in
Nigeria, the COVID-19 pandemic has had a domino effect on the
developments in this sector and has created a need to scale down
initial projections.
This was clearly demonstrated in the recently released 2021
Proposed Budget, which was aptly themed a Budget of Economic
Recovery and Resilience and is expected to accelerate the
pace of Nigeria s economic recovery against the backdrop of the