The present Law is aimed at rational and efficient use of hydro-carbon resources and conservation of natural resources of Turkmenistan for the future generations. The document consists of XI Chapters that contain 61 Articles. Chapter I (arts. 1-3) lays down general provisions. Chapter II (Arts.4-6) determines competence of the Cabinet of Ministers, authorized institution and concern in the sphere of use of hydro-carbon resources. Chapter III (Arts.7-22) regards licensing of oil prospecting activ