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Regulatory “Environmental Licensing of Rounds 11 and 12 due to several
factors, including delays on the
Maritime Seismic Survey Activities:
News Results and Perspectives, “ designed seismic permitting, oil price, and
to showcase some successful socio-
lack of technical data in the area.
environmental projects established IAGC is petitioning for the same
Australia in licensing conditions issued by dispensation for speculative data
IBAMA for maritime seismic research acquired in the Equatorial Margin,
Australia Tax Office activities. The book will also as the same factors also deeply
Releases Draft Taxation focus on projects with innovative affect the seismic industry.
Ruling That Could Be methods and unprecedented
Costly for Companies results, those with partnerships of
more than one seismic company or United States
On 19 December 2017, the Australia more than one executing entity.
Tax Office unexpectedly released Committee Takes Up
a Draft Taxation Ruling following The book is created for IAGC-Endorsed SEA Act;
its Draft Taxation Determination environmental managers, oil and Passes in House Natural
earlier in 2017. As outlined in gas companies, environmental Resources Committee
the draft Taxation Ruling, the consultancies, agencies promoting
ATO continues to hold the view E & P activity, stakeholder On 10 January, the House Natural
that the cost of obtaining seismic groups, and researchers from Resources Committee passed
information by multiclient companies universities, private research the much-needed Streamlining
is on capital account, and is not institutes, and NGOs specializing Environmental Approvals Act (SEA
immediately deductible as a taxable in the marine environment. Act). Introduced by Representative
expense. The IAGC is working to Mike Johnson (R-LA) in June 2017,
develop comments to the Ruling The goal is to emphasize points the bill provides a common-sense
with a deadline of 16 February. of convergence between approach to correct the flawed
IBAMA, seismic contractors, Marine Mammal Protection Act
The IAGC also scheduled a IAGC, consultancies, and (MMPA) of the 1970s and addresses
workshop with EY on 10 January research institutions, showing many of the MMPA’s inadequacies
to discuss the IAGC submission how implementing licensing and misapplications. The IAGC
as well as to continue with the conditions can increase highly endorses the bill and provided
strategy of working with the environmental and social gains. a statement of support. The
Department of Industry to prevent statement can be viewed HERE.
the ruling from taking effect.
IAGC Pursuing Extension of
Data Confidentiality Periods The IAGC has been working
in Equatorial Margin diligently with members of
Brazil Congress on legislation that would
The IAGC is also working with ensure that seismic permitting
IAGC and Brazil Work on Brazil’s National Agency of decisions are policy decisions and
Proposal to Publish Socio- Petroleum, Natural Gas and not political decisions, thereby
environmental Projects Best Biofuels (ANP) to extend the length providing greater business certainty
Practices and Successes of the confidentiality period for for our members and optimizing
members’ seismic data acquired in the business climate in the U.S.
The IAGC and Brazilian Institute the Equatorial Margin. Last year,
of Environment and Renewable ANP granted E&P companies an The SEA Act is designed to meet
Natural Resources (IBAMA) are extension of 2 years to the minimum those business needs. The SEA Act
presently working on a preliminary exploratory program (“PEM”) for will ensure that critical activities and
proposal for structuring a book projects such as coastal restoration,
the concession contracts from Bid
IACG Newsletter | InDepth 6 January | 2018
