Georgia's Legislative Updates on Oil, Gas, and Maritime Sectors
Key Ideas
  • The Sector Economy and Economic Policy Committee supported amendments to Georgia's Law on Oil and Gas, introducing definitions for 'natural hydrogen' and 'natural hydrogen operations'.
  • Changes to the production sharing agreement and general license for oil and gas resources were clarified, along with revisions to the 'development plan' concept.
  • Amendments to the Environmental Assessment Code incorporated the term 'natural hydrogen', while the Maritime Code updates merged entities and clarified terminology related to marine incidents.
  • The effective date of the legislative changes was adjusted to 1 August, receiving overall support from the Committee.
The Sector Economy and Economic Policy Committee in Georgia recently reviewed and supported amendments to the Law on Oil and Gas in a second reading, along with related legislative changes. The legislative initiative, presented by First Deputy Minister of Economy and Sustainable Development Nino Enukidze, introduced definitions for 'natural hydrogen' and 'natural hydrogen operations'. The scope and wording of production sharing agreements and general licenses for oil and gas resources were expanded and clarified. Modifications were made to Article 1, specifying the volume of natural hydrogen and defining the 'development plan'. Additionally, the Environmental Assessment Code was amended to include 'natural hydrogen'. The session also addressed amendments to the Maritime Code, presented by Deputy Minister Guram Guramishvili, where the State Hydrographic Service of Georgia will merge with the Maritime Transport Agency. New terminology related to marine incidents was introduced, and the effective date of the law changes was set for 1 August. The Committee expressed its support for these legislative updates, signaling a positive outlook on the changes for the oil, gas, and maritime sectors in Georgia.
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