Investors

LICENSE TERMINATION

Under the Licensing Regime the State Geological and Subsurface Survey of Ukraine may cancel a license in case of:

  • request of subsoil rights user;
  • failure to use the subsoil according to the designated purpose;
  • failure to commence the subsoil use activities within two years following the date of issuance of the special permit (for hydrocarbons – 180 calendar days) or suspension of such activities for the same period without reasonable excuse
  • in the event of non-compliance (for example, failure to comply with the terms and conditions of the special permit, environmental non-compliance, arrears with the applicable subsoil use payments, etc.) the special permit is only suspended by the State Geological and Subsurface Survey of Ukraine.  If a subsoil user fails to remedy the violations within the prescribed time limits, the special permit may be cancelled.

Under the PSA Regime the subsoil use rights may be terminated only for reasons specified in the PSA.