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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of December 18, 1998 No. 3999

About approval of the Procedure for issue of licenses for the right of carrying out oil works in the territory of Turkmenistan

Approve the issue of licenses for the right of carrying out oil works enclosed the Procedure in the territory of Turkmenistan.

 

President of Turkmenistan

Saparmurat Turkmenbashi

Approved by the resolution of the President of Turkmenistan of December 18, 1998, No. 3999

Procedure for issue of licenses for the right of carrying out oil works in the territory of Turkmenistan

1. This Procedure is developed according to the Law of Turkmenistan "About hydrocarbonic resources" and the Regulations on Competent authority on use of hydrocarbonic resources in case of the President of Turkmenistan approved by the resolution of the President of Turkmenistan of June 6, 1997 No. 3189.

2. The license for the right of carrying out oil works in the territory of Turkmenistan is granted in shape:

licenses of the Contractor;

licenses of the Operator.

Each of these licenses has three appearance:

license for investigation;

license for production;

license for exploration and production.

3. Registration and issue of licenses are performed by Executive directorate * Competent authority on use of hydrocarbonic resources in case of the President of Turkmenistan **.

4. Licenses are drawn up in one copy on the special form of Competent authority in state language and can be translated into other languages.

In addition to the original of licenses the Competent authority provides to Contractors and Operators of the copy of licenses, certified official by seal Competent authority for removal from them of copies and further use.

5. The license of the Contractor is signed by the vice-chairman of Competent authority or the Chief executive of Competent authority.

The license of the Contractor for investigation has the alphabetic reference "R/A" and four-digit sequence number.

____________________

* The Executive directorate of Competent authority is referred to as.

** The Competent authority is referred to as.

The license of the Contractor for production has the alphabetic reference "R/CH" and four-digit sequence number.

The license of the Contractor for exploration and production has alphabetic reference "R/ACh" and four-digit sequence number.

6. The license of the Operator is signed by the Chairman of Competent authority.

The license of the Operator for investigation has the alphabetic reference "O/A" and four-digit sequence number.

The license of the Operator for production has the alphabetic reference "O/CH" and four-digit sequence number.

The license of the Operator for exploration and production has alphabetic reference "About / ACh" and four-digit sequence number.

PROCEDURE OF ISSUE OF LICENSES

7. The compulsory provision of receipt of the license by legal entities and physical persons is their registration in Turkmenistan as the legal entity.

8. After agreement signature about the Section of products on the contractual territory which includes only the areas and/or the horizons intended for investigation and additional exploration and do not include the existing fields with which production is conducted, the Competent authority grants the license for investigation.

9. The license for production is granted only to the owner of the license for investigation in cases of the notification of Competent authority during action of such license for investigation about discovery of the field of industrial value and submission of the plan of the development approved by the Management committee the contractual territories (further the Committee hereinafter is referred to as). If in one contractual territory during action of the license for investigation by the Contractor several fields of industrial value are found, then the Competent authority shall grant the license for production on each such field (in process of their opening).

10. If the contractual territory includes as the prospecting and dorazvedochny areas and/or the horizons, and fields on which production is conducted, the Competent authority grants the license for exploration and production. If in the contractual territory on which the license for exploration and production was granted the Contractor finds the new field of industrial value, then he has the right without additional license for production, having provided the plan of development approved by Committee to Competent authority.

11. If the Competent authority signs the production sharing agreement with the consortium consisting of two or more companies which signed among themselves the agreement on joint activities, then the Competent authority shall grant the license of the Contractor of each such company, with indication of their equity in the production sharing agreement. Such license of the Contractor is granted each contract company after signing and registration of the production sharing agreement and the agreement on joint activities.

12. To operate with one of the contract companies determined and appointed by all contract companies as the Operator on the conditions determined by the production sharing agreement and the agreement on joint activities, the Competent authority shall grant the license of the Operator. The license of the Operator is granted such company after signing and registration of the production sharing agreement and the agreement on joint activities, and also receipt of the license of the Contractor.

EFFECTIVE PERIODS OF LICENSES

13. The license of the Contractor and the license of the Operator become effective from the effective date production sharing agreements and are effective before the expiration of their main and additional terms or before their cancellation, or replacement with their other license according to the Law of Turkmenistan "About hydrocarbonic resources" and this Procedure.

14. The main effective periods and the periods of their prolongation, and also the procedure of suspension of action, cancellation and replacement of licenses of the Contractor and licenses of the Operator are determined by the Law of Turkmenistan "About hydrocarbonic resources", this Procedure and shall correspond to terms of agreement about the Section of products.

RIGHTS AND OBLIGATIONS OF THE OWNER OF THE LICENSE

15. The owner of the license for investigation has exclusive right to carry out investigation of hydrocarbonic resources in the contractual territory and to carry out all the necessary, connected with investigation types of oil works provided by the production sharing agreement. In case of the notification of Competent authority on discovery of the field of the industrial Contractor value has exclusive rights during action of the license for investigation on receipt of the license for production.

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