Risks for the Successful Implementation of Projects Related to the Use of Natural Resources

Abstract

The article examines the specifics of projects related to the use of natural resources for economic purposes. Up-to-date statistical information on their application in modern economy is presented, which reveals the trends in this regard. By reviewing the applicable regulatory framework, at constitutional and legal level, the article outlines the basic requirements for activities related to the use of natural resources, the relevant regulatory regimes, the procedures for granting rights of use, exploitation and extraction, the competent authorities, deadlines for implementation of granted rights, etc. The features of the different types of uses, which arise from the specifics of each natural resource, the different aspects of their management and the risks that accompany their life cycle are studied. Practical examples of the impact of some major risks on the use of natural resources for economic purposes are presented. The general framework for the management of projects related to the use of natural resources is examined, including: identification of project objectives and possible sources of funding; planning of the activities and the budget of the project; assessment and planning of the necessary resources for its implementation; specifics related to the completion of such projects. The main focus of the article is the risks for the implementation of such projects, whose specific features stem from the depletion of natural resources, the strong legal regulation in the sector and the strict environmental requirements of the applicable legislation. The main risks in the management of projects related to the use of natural resources have been identified: regulatory, political, financial, operational, etc., and the effect on their implementation has been studied.