industryterm:oil and gas blocks

  • Crimée : pour l’application des sanctions, ça va pas être simple…

    Ukrainian offshore oil and gas producer is under US sanctions
    http://www.kyivpost.com/content/company-news/ukrainian-offshore-oil-and-gas-producer-is-under-us-sanctions-345718.html

    The American Government, pursuant to its Executive Order (E.O.) 13660, imposed sanctions against a company, established by the Crimean Parliament for the purpose of seizure of Ukraine’s oil and gas offshore assets, owned by the subsidiary of Ukrainian National Joint-Stock Company “Naftogaz” - “Chornomornaftogaz” (the “Ukrainian company”).

     The Ukrainian company used to hold licences to a number of oil and gas blocks on the Crimea’s coast. In 2013 its production accounted for 7.9% of Ukraine’s gas and 2.4% of its oil production. It also operated drilling rigs, gas transportation networks and Crimean underground storage facilities. However, on 17 March 2014, the Crimean Parliament nationalised assets of the Ukrainian company and transferred them to a newly established company – the Crimean Republican Enterprise “Chernomorneftegaz” (the “Crimean company”), which has a slightly different (Russian) spelling, but the same legal address as the Ukrainian company.

    En résumé, la Société des Pétroles et Gaz de la Mer Noire (Chornomornaftogaz), société ukrainienne, a vu ses avoirs en Crimée nationalisés et confiés à une Société des Pétroles et Gaz de la Mer Noire (Chernomorneftegaz), société russe (criméenne).

    Et donc, la société criméenne a été mise sur la liste des sociétés sanctionnées…

    According to the information published by the American Office of Foreign Assets Control (OFAC), which administers and enforces economic sanctions against countries and groups of individuals, the Crimean company has been added to their list of the “Specially Designated Nationals” (SDNs).

    … et pour faire bonne mesure, on y a ajouté tout ce qui porte le même nom ou approchant…

    The list also contains the Crimean company’s aliases – “Chornomornaftogaz” and “NJSC Chornomornaftogaz” and its legal address (Kirova/per. Sovnarkomovskaya, 52/1, Simferopol, Crimea 95000, Ukraine). These details coincide with the name and address of the Ukrainian company. As a result, it is quite difficult to distinguish between the two companies and to understand if a particular transaction involving one of the companies is prohibited by the OFAC. If there is any doubt, the OFAC recommends: (i) taking the established “due diligence” steps to determine the company’s identity and (ii) contacting the OFAC, via their hotline.

    Faut juste faire attention avec qui on fait des affaires…