OilVoice - The List of Blocks Offered for Geological Study at the Expense of Licensees

The List of Blocks Offered for Geological Study at the Expense of Licensees

Tuesday, December 08, 2009

On 27 October 2009 the Ministry of Natural Resources of the Russian Federation (www.mnr.gov.ru) published the list of blocks offered for geological study at the expense of licensees. The deadline to submit applications is 28 December 2009.

A Geological Study Licence grants the holder the non-exclusive right to undertake prospecting activities and appraisal operations in respect of a discovery. Activities undertaken must be aimed at determining whether discoveries are capable of being commercially developed, and determining the preliminary boundaries of the discovery. In the event of a discovery, the licence holder may be granted an exploration and production licence in respect of the area of the discovery without the need for a tender or auction, at the government’s discretion.

For the complete article, please click here