Law of Georgia on Oil and Gas (No. 1892-IIS of 1999)

This Law regulates oil and gas. It aims to create a unified legal framework for the development of oil and gas resources and oil refining, gas processing or transportation activities and to pursue a unified national policy in the field of development of oil and gas resources and oil refining, gas processing or transportation activities in Georgia; to promote the attraction of investments in the field of oil and gas and protect legitimate interests of the entities involved in oil and gas operations in Georgia; to create an effective legal framework for state regulation, supervision and control of oil and gas operations, oil refining, gas processing and/or transportation activities in Georgia; to establish basic principles of oil and gas prospecting and exploration and extraction contracts between the state and an investor; to determine functions of the National Oil Company; and to create a state regulatory body for oil and gas operations, oil refining, gas processing, and/or transportation activities in Georgia and determine its basic functions.