Amended Mineral Resources Act is gazetted - Bulgaria
This article is extracted from International Oil Letter, Vol 24 issue 35 dated 1st September 2008.
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The amended Mineral Resources Act was approved by the Bulgarian parliament, ratified by the President's Decree No. 239 of 31 July 2008 and has now been published in the State Gazette, the final act to make it official. Some of the main changes are as follows:
The initial exploration period will be for five years (extended from the previous three years) followed by two two-year extensions.
The period for purchasing the tender documents will be three months and the bid deadline will be about five months from the date of the data purchase.
The bids will be evaluated by a commission including members from several ministries (while in the previous system, the commission was exclusively from the ministry which launched the tender call and received the bids).
The “Prospecting License” will no longer exist in the Bulgarian petroleum legislation. There will be only the “Exploration License.” Under the new terms, during the Exploration License the company can announce both a “geological discovery” and a “commercial discovery.
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