The Sector Economy and Economic Policy Committee deliberated the Draft Law on Oil and Gas and the deriving legal package for the I reading, introduced by the First Deputy Economic and Sustainable Development Minister, Nino Enukidze.

As elucidated by the reporter, recently, the world has actively resorted to the extraction and utilization of natural hydrogen as an alternative source of hydrocarbons. According to her, at present, Georgia lacks the respective regulations, which hinders investors from implementing their projects. Correspondingly, the amendments aim to establish the legal framework for the simplification and encouragement of the natural hydrogen extraction and utilization process.

“The Draft will incentivise investors to, within the confines of their licenses, engage in the extraction of natural hydrogen alongside oil and gas”, - she asserted.

As she observed, the second Draft of the legal package stipulates the entitlement of the National Oil Company, on behalf of the state, to proceed with the oil, gas and/or natural hydrogen operations.

N. Enukidze reviewed the amendments to the companion Laws underlining that the fee for 1000 m3 of natural gas constitutes 2 GEL, and similarly, the fee of 2 GEL shall be set for 1000 m3 of natural hydrogen.

The Committee discussed the Draft Maritime Code for the I reading, introduced by the Deputy Economic and Sustainable Development Minister, Guram Guramishvili.

The Draft Code merges the LEPL State Hydrographic Service with the LEPL Maritime Transport Agency.

“In the maritime domain, two public agencies operate in the country - the State Hydrographic Service and the Maritime Transport Agency. In view of the maritime security and effective management, we aspire to merge the two aforementioned institutions”, - he elucidated.

The Committee approved the Drafts.