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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of November 18, 2019 No. PP-4522

About measures for enhancement of system of the organization and conducting exploration works on oil and gas

(as amended on 21-04-2021)

According to the resolution of the President of the Republic of Uzbekistan of July 9, 2019 No. PP-4388 "About measures for stable providing economy and the population with energy resources, financial improvement and enhancement of management system with oil and gas industry", and also for the purpose of further increase in efficiency and effectiveness of exploration works on hydrocarbonic raw material:

1. Accept offers of the Department of Energy, the Ministry of Economy and Industry, the Ministry of Finance, the State committee on geology and mineral resources, Agencies on management of the state assets of the Republic of Uzbekistan and JSC Uzbekneftegaz about transfer to the State committee of the Republic of Uzbekistan on geology and mineral resources (further - Goskomgeologiya) functions on:

to carrying out research, regional geological and film-making, geophysical and drilling operations with identification and preparation of oil and gas potential structures for opening of new fields of hydrocarbonic raw material;

the organizations of works for the advancing development and reproduction of inventories of hydrocarbonic raw material of the republic, increase in efficiency and effectiveness of the exploration works aimed at providing opening of new fields of hydrocarbonic raw material.

To transfer by JSC Uzbekneftegaz until the end of 2019 to Goskomgeologiya information on the existing projects to carrying out research and geophysical works, and also all available share and other materials on all perspective sites, investment blocks and fields of hydrocarbonic raw material.

2. Determine that:

since 2020 annual state programs of development and reproduction of mineral resources on oil and gas are developed and affirm Goskomgeologiya in coordination with the Department of Energy, the Ministry of Economy and Industry and the Ministry of Finance of the Republic of Uzbekistan;

within annual state programs of development and reproduction of mineral resources on oil and gas measures for implementation of international standards of the organization of exploration works with involvement of the leading foreign consulting companies and experts are implemented;

research, regional geological and film-making, geophysical and drilling operations on oil and gas, and also measures for equipment are provided by the modern equipment, high technologies, software products, the special and motor transportation equipment in annual state programs of development and reproduction of mineral resources on oil and gas and are financed by the means of the Government budget of the Republic of Uzbekistan and other sources which are not prohibited by the legislation on the basis of reasonable calculations of Goskomgeologiya;

the wells completed by construction drilled at the expense of means of the Government budget of the Republic of Uzbekistan within annual state programs of development and reproduction of mineral resources on oil and gas are not the taxation objects before their transfer of Goskomgeologiya and his organizations to specific subsoil users.

3. Agree with the offer of the Department of Energy, the Ministry of Finance and Goskomgeologiya on transfer to the Agency on management of the state assets of the Republic of Uzbekistan (further - the Agency) shares of JSC Uzbekneftegaz and JSC Uzburneftegaz in the authorized capital of JSC Uzbekgeofizika and JSC Institute of Geology and Investigation of Oil and Gas Fields.

And Goskomgeologiya till July 1, 2020 based on studying of the sphere of prospecting services and level of the competition in this industry to provide to the Cabinet of Ministers together with the Ministry of Finance of the Republic of Uzbekistan, the Agency reorganization of the state companies which are Goskomgeologiya's part according to appendix No. 1, with transfer of shareholder rights to the Agency (the founder and the participant).

Goskomgeologiya together with the Agency and the Ministry of Finance of the Republic of Uzbekistan in week time to develop, approve and provide implementation of actions plans on reorganization of each state company with indication of specific terms and responsible persons.

Determine that JSC Uzbekgeofizika and JSC Institute of Geology and Investigation of Oil and Gas Fields, and also the reorganized state companies perform the activities as a part of organizational structure of Goskomgeologiya.

4. Determine that:

transfer to the Agency of shares of JSC Uzbekneftegaz and JSC Uzburneftegaz in the authorized capital of JSC Uzbekgeofizika and JSC Institute of Geology and Investigation of Oil and Gas Fields is performed at book value on account of reduction of share of the state in the authorized capital of JSC Uzbekneftegaz;

cost transferred and received according to this resolution of property, property rights, including shares and shares in the authorized capital, from one organization to another, is not the taxation object on all types of tax;

the entry of the Agency in shareholding of JSC Uzbekgeofizika and JSC Institute of Geology and Investigation of Oil and Gas Fields is not considered as again acquired block of shares;

the rights and obligations of JSC Uzbekneftegaz and the organizations which are its part for current agreements with JSC Institute of Geology and Investigation of Oil and Gas Fields and JSC Uzbekgeofizika remain.

5. Approve developed Goskomgeologiya, the Department of Energy, the Ministry of Economy and Industry, the Ministry of Finance of the Republic of Uzbekistan:

key parameters of works on geological studying of the subsoil on hydrocarbonic raw material for 2020-2021 performed Goskomgeologiya according to appendix No. 2;

the list of modern geophysical, laboratory and other equipment, the software products, the special and motor transportation equipment acquired for upgrade and strengthening of material and technical resources of JSC Uzbekgeofizika and JSC Institute of Geology and Investigation of Oil and Gas Fields according to appendix No. 3;

"Road map" on further enhancement of system of the organization of exploration works by step-by-step reforming and commercialization of activities for development and reproduction of mineral resources, including oil and gas, according to appendix No. 4.

6. To the Ministry of Finance of the Republic of Uzbekistan since 2020 to provide in parameters of the Government budget of the Republic of Uzbekistan Goskomgeologiya's allocation of assignments according to annually approved state programs of development and reproduction of mineral resources (including oil and gas) taking into account the functions transferred by this resolution.

7. Assign to the Working group on coordination of strategy implementation of development of mineral resources of the Republic of Uzbekistan (further - the Working group) formed by the resolution of the President of the Republic of Uzbekistan of May 4, 2017 No. PP-2954 "About measures for streamlining of control and accounting of rational use of inventories of underground waters for 2017 - 2021", coordination of works on timely and high-quality implementation of the orders and actions following from this resolution.

8. Keep for JSC Uzbekneftegaz conducting exploration works on hydrocarbonic raw material within the existing projects without receipt of permission with condition of completion of drilling of earlier begun parametrical and search wells.

9. Goskomgeologiya together with the Department of Energy, the Ministry of Economy and Industry, the Ministry of Finance, the Ministry of investments and foreign trade of the Republic of Uzbekistan and JSC Uzbekneftegaz in three-months time to submit in the Cabinet of Ministers for approval:

target indicators of stock gain of hydrocarbons for 2020 - 2025;

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