All articles tagged with #force majeure
Lukoil has declared force majeure at its West Qurna-2 oil field in Iraq due to U.S. sanctions, halting its operations and risking a complete exit if unresolved within six months, amid failed asset sales and broader energy sector instability.
Lukoil declared force majeure on oil shipments from its West Qurna 2 field in Iraq due to US sanctions, impacting its international operations and leading to canceled cargoes, with the field's operatorship transferred to Iraqi firms to maintain production.
Lukoil has declared force majeure at Iraq's West Qurna-2 oilfield due to US and UK sanctions disrupting its operations, leading to halted payments and potential exit from the project if issues persist beyond six months.
TotalEnergies has lifted the force majeure on its $20 billion Mozambique LNG project, signaling progress in the project’s development amidst the global energy transition.
Major Hollywood studios and streaming platforms are considering terminating some of their first look and overall deals with writers as early as August 1, under contractual force majeure clauses, as the SAG-AFTRA and Writers Guild of America strikes continue. These deals, which were suspended in May, provide financial support and distribution guarantees for writers' projects. While top talent has safeguards in their contracts, mid-range creatives are more vulnerable to force majeure. However, terminating these deals may not be straightforward due to legal and public relations concerns, and the studios are already saving money by suspending the deals.
The COVID-19 pandemic has led to confusion around force majeure events in Hollywood, with many writers' deals being suspended without reference to the term. While the WGA's collective bargaining agreement says a strike itself is justification for suspension, studios may still be looking for ways to cut costs. Attorneys say that most studios' standard terms and conditions give them the right to suspend and terminate without any waiting period, although some talent may have negotiated protections. There is also debate around whether a strike by a writer's own union invokes force majeure.
Ticket holders for the cancelled Imola F1 race will receive a full refund or have their 2023 tickets converted to next year's race instead. The event's organisers have confirmed that all buyers who have purchased tickets through the sales network and the ticketone.it purchasing platform will be eligible for a refund. As the event was called off due to force majeure, the Imola race promoters won't have to pay FOM the agreed fee, understood to be around $20 million.