Draft Law No. 15454<\/a> and their practical implications for business.<\/p>\nThe main focus of the discussion was the proposed mechanism for converting special permits to enable the transition from geological exploration of subsoil to commercial extraction of mineral resources. The advantage of the proposed provision is that it would allow subsoil users who have financed geological exploration of the relevant areas and the assessment of mineral reserves and resources at their own expense to obtain an extraction permit without participating in an auction.<\/p>\n
For subsoil users who have already invested significant funds in geological studies, exploration and reserve assessment, the opportunity to proceed to extraction is of fundamental importance. The results of this work provide the basis for planning the further development of deposits.<\/p>\n
At the same time, requiring companies to participate in another auction for a subsoil area whose exploration they have financed creates a risk of losing the economic value of their investments. The proposed mechanism would help minimise this risk and ensure a fair and consistent transition from geological exploration to extraction.<\/p>\n
Another important aspect is the possibility of applying the provision regardless of when the mineral reserves and resources were approved. This would allow the results of previous geological work to be taken into account and provide legal certainty for projects initiated under the previous regulatory framework. Meanwhile, the 24-month period envisaged by the draft law would establish a clearly defined timeframe during which companies could exercise this right.<\/p>\n
Participants also focused on creating conditions to increase domestic hydrocarbon production, including natural gas and oil. Amid continued attacks on energy infrastructure, reducing dependence on imported energy resources is essential, making the development of Ukraine\u2019s domestic resource base a priority. However, unlocking the potential of Ukrainian deposits requires significant long-term investment, geological exploration and clear rules that enable companies to plan the further development of deposits.<\/p>\n
It is therefore important that the regulatory environment ensures a predictable transition from geological exploration to extraction and provides adequate protection for the funds already invested. The ability to use the results of companies\u2019 own geological work to proceed with developing a deposit could provide an additional incentive for investment in the exploration and development of Ukraine\u2019s subsoil resources, particularly promising hydrocarbon deposits.<\/p>\n
The Association consistently supports the establishment of transparent, stable and predictable conditions for investment in Ukraine\u2019s economy. In the field of subsoil use, this means not only effective regulation of access to natural resources, but also due consideration of the rights and legitimate interests of companies that finance geological exploration themselves and establish the resource potential of the relevant areas.<\/p>\n
Following the meeting, participants agreed on the need to approach the relevant Verkhovna Rada Committee to ensure that this provision is reflected in the final version of the draft law.<\/p>\n
<\/p>","protected":false},"excerpt":{"rendered":"
The European Business Association met with holders of special permits for the establishment of scientific test sites to discuss the legislative changes envisaged by Draft Law No. 15454 and their practical implications for business. The main focus of the discussion was the proposed mechanism for converting special permits to enable the transition from geological exploration […]<\/p>\n","protected":false},"author":33544,"featured_media":779473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[4,5,22],"tags":[],"yoast_head":"\n
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