ID :
160067
Thu, 02/10/2011 - 15:39
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Shortlink :
http://m.oananews.org//node/160067
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PRODUCTION-SHARING CONTRACTS APPROVED
Ulaanbaatar, Mongolia, /MONTSAME/ The cabinet has approved a production-sharing contract established between the Oil Authority and the "Apex-pro Investment Ltd" LLC, on carrying out activities on the "Dariganga-XXIV" area in Sukhbaatar aimag.
In accordance with the contract, the sides have agreed to improve general terms of this contract and to run negotiations on altering the draft contract. A payment for using the non-reproducible natural resources (the royalties) has been increased up to 10.75% from 10%. A minimum size of production-sharing for the governmental side will start from 43%, which used to be 40%, whereas the maximum size will start from 60%.
The cabinet has also backed in principle a draft production-sharing contract to be established between the Oil Authority and the "Mongolyn Alt" LLC, on oil exploration. It will be introduced to the National Security Council. The "Mongolyn Alt" LLC takes a responsibility to invest USD 22 million and 390 thousand for five year within the period of exploration for running geology, exploration, geophysics and seismic researches and for drilling.
B.Khuder
In accordance with the contract, the sides have agreed to improve general terms of this contract and to run negotiations on altering the draft contract. A payment for using the non-reproducible natural resources (the royalties) has been increased up to 10.75% from 10%. A minimum size of production-sharing for the governmental side will start from 43%, which used to be 40%, whereas the maximum size will start from 60%.
The cabinet has also backed in principle a draft production-sharing contract to be established between the Oil Authority and the "Mongolyn Alt" LLC, on oil exploration. It will be introduced to the National Security Council. The "Mongolyn Alt" LLC takes a responsibility to invest USD 22 million and 390 thousand for five year within the period of exploration for running geology, exploration, geophysics and seismic researches and for drilling.
B.Khuder
