Oil and Gas Law (No. 77).

The purpose of this Law shall be to ensure more efficient, safe and secure functioning of fuel and energy sector. Oil and gas fields shall be the exclusive property of the state. The government shall have the following competencies: (a) to elaborate and implement development strategy for oil and gas sector; (b) to supervise over management and efficient use of oil and gas; (c) to elaborate and implement environmental protection programme against negative impact in oil and gas sector; (d) to set forth rules and regulations for subsoil management with a view of oil and gas extraction, transportation and trade thereof; (e) to provide for licensing. All activities in oil and gas sector shall be subject to licensing. In case of oil- and gas-field discovery during exploration the discoverer has preferential right to be granted licence. Licensee shall be obliged to inform the state authority a month before sale or export of oil and gas or the derivates thereof granting to the aforesaid authority the preferential right to purchase the whole stock or a part thereof. Servitude shall be granted for exploration. Licensee shall be liable for: (a) environmental pollution; (b) breach of legislation regulating oil and gas sector.