Bosnia approves new oil & gas legal framework
The Draft will solve the standstill in the selection process of the expert consultant which could have put on hold the Project of exploration and exploitation of oil and gas in Federation BiH. FBiH changes the Law on exploitation of oil and gas. In the future Government forms a team of experts to handle negotiations.
In the recent session there has been a change in the paragraph 3 in the Draft of the Law on amendments of the Law on exploration and exploitation of oil and gas in FBiH, which now says that the Government of FBiH will form a team of experts to negotiate and determine the contract modality. Members of this team have to be experts in the area of geology, mining, energy, ecology, law and economics.
Up until now it was said that the Government will hire a legal representative as an expert consultant (with experience in international negotiations and writing contracts in the area of exploration and exploitation of oil and gas) to provide consulting services in the process of negotiation and determining the contract modality.
The changes also refer to the sanctions and one of them is that a legal entity which explores and/or exploits oil and gas without the permission of the authority will be deprived of any material gain obtained in such way, and it will be prohibited to explore and exploit further
New legal solutions were necessary, since during previous tenders it was determined that there were no experts who fulfill all the requirements, and have necessary qualifications to provide services of negotiating and determining the contract modality.
The Draft will solve the standstill in the selection process of the expert consultant which could have put on hold the Project of exploration and exploitation of oil and gas in Federation BiH, says in the Governments press release.
- What Are The Major Natural Resources Of Macedonia?
- Who are the main players in the ore exploration business in Serbia
- Mining concessions, fees and challenges for investors in Serbia
- Koc Holding to acquire majority in 12 Irish gold mines
- Raptor Resources granted license to prospect for gold in Ireland
- Eldorado and Minvest Deva Certej mine proposal rejected in Romania
- Mining and indigenous communities across the world
- Adriatic Metals’ Veovaca project in Bosnia received exploitation permit
- Can Finland and Sweden help decarbonize EU economies?
- Serbia Lece gold mine in the hands of a phantom company from Dubai