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The President signed Federal Law On Agreements Concluded During Geological Survey, Exploration and Production of Hydrocarbons, and On Amendments to the Law of the Russian Federation On Subsoil Resources.
The Federal Law regulates relations arising in connection with the conclusion, execution or termination of agreements on service risks and financial management agreements.
These agreements are concluded for the joint activities of legal entities on geological survey, exploration and production of hard-to-recover mineral resources on subsoil sections containing hydrocarbon deposits.
The Federal Law determines the subject, the parties, the commitments of the parties and other terms of these agreements as well as the procedures for their signing, execution, amendment or termination.
In addition, the Federal Law determines the specificities of considering disputes between the parties of the said agreements and introduces a corresponding amendment to Article 9 of the Russian Federation Law On Subsoil Resources.
April 1, 2022