Baltic Course: Lithuania updates formula for selecting oil, shale gas extraction companies

The Lithuanian Government has approved of the updated regulations of the Hydrocarbon Resource Usage Competition, drafted by the Ministry of Environment, reports LETA/ELTA.

From now on, the winner will become the company which offers the state the largest amount of single premium and investment.
 
So far, the winner selection depended only on the size of single premium.
 
The revised regulations also state that the competition winner will have to pay the offered premium in 30 calendar days from signing the hydrocarbon resource usage agreement. Previously, the premium had to be paid 30 calendar days from the selection of the competition winner.

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