THE HYDROCARBONS (PROSPECTING, EXPLORATION ... - PGS

17
Contract between the government of the Republic and the licensee
and in accordance with the terms and conditions of the licence.
Participation of the
Republic in the
activities of
hydrocarbon
prospecting,
exploration and
exploitation.
16.-(1) The management of the participation of the Republic in the
activities of prospecting, exploration and exploitation of
hydrocarbons may be carried out by the Republic itself or by
means of a legal person determined by the Council of Ministers.
(2) The conditions for paying the contributions that are
mentioned in section 13(1)(b), as well as any claim for the
Republic’s participation, are prescribed by the Council of Ministers
in such a way that the independence of management of the entities
is preserved.
(3) Where the grant of licences is subject to the participation of
the Republic in the activities, and where a legal person has been
entrusted solely for the purpose of this participation, or when the
Republic itself manages the activities, neither the legal person nor
the Republic shall be prevented from assuming the rights and the
obligations associated with such participation, provided that the
Republic:
(a)
shall not provide any information nor exercise any voting
rights on decisions regarding sources of procurement of
the entity;
(b)
shall not exercise in combination with any public entities
a majority voting right; and
–THIS IS NOT AN OFFICIAL TRANSLATION–