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Belgrade
18/07/2024
Energy NewsUncategorized

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.

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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.

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