The oil and gas sector should be considered as an economic system the main components of which are interrelated stages of economic activity, and the legislation should adequately reflect economic (entrepreneurial) relations in the system. The legislation should fully regulate, first, relations of ownership of oil and gas- as a part of energy resources and, second, activity of economic entities at each stage starting from searches and exploration to realization on the basis of the unity of economic relations concerning energy resources. An analysis of the existing legislation shows that economic legal relations in the oil and gas sector are mainly regulated by general normative and legal acts. This shows up particularly in the regulation of relations at the stages of field searches, exploration and development. There is no system of legal acts united by the unity of the subject, purposes and principles of legal regulation though such unity is observed in real economic (entrepreneurial) relations.
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