The President decrees to entrust State Committee on Geology and Mineral Resources with the function of issuance of licences for subsoil management, including exploration, prospecting of mineral deposits, mining and extraction of hydrocarbons. Licences shall be issued separately for each type of activity. Subsoil management shall be carried out on contractual basis on condition of product-sharing agreement. The period of validity of licence shall be specified in the licence and the date of issuan