Law No. 2350 on oil.

This Law governs the relations regarding oil production and processing on land and sea, and also in the inland waters. Oil production means exploration, mining, extraction and transportation of oil. The Act consists of 11 Chapters divided into 59 articles: (1) general provisions; (2) state management of oil operations; (3) repealed; (4) repealed; (5) contracts; (6) terms and conditions for carrying out oil operations; (6-1) oil operations on sea and in the inland waterbodies; (7) the rights and the duties of the contractor; (8) trunk pipeline; (9) environmental protection; (10) commercial conditions; (11) legal conditions. All the oilfields shall be the exclusive property of the state. Burning of oil-well gas in petroleum gas flares shall be prohibited except for emergency situations, environmental hazards and population health risks. In case of oil pollution of the sea the contractor must stop or reduce pollution level by all available means. Prerequisite for the conclusion of an oil operation contract shall be a positive conclusion of environmental audit.