26 may
On behalf of the Head of State, together with the Ministry of Energy and members of the Council of Foreign Investors, issues are being worked out to improve the investment climate in the oil and gas industry. According to Talgat Satiev, Chairman of the Geology Committee of the MEGPR, in order to attract investors to the little-studied sedimentary basins, amendments to the Code "On Subsoil and Subsoil Use" are proposed. kodeks-o-nedrah-i-nedropolyzovanii-vnosyat-popravki" title="SK News" target="_self">SK News. The amendments provide for the exclusive right of a subsoil user to receive the possibility of a guaranteed transition from the stage of geological study of the subsoil to the stage of exploration and production under the Improved Model Contract.
“The approach will be provided through the implementation of the License for the geological study of the prospects for the oil and gas potential of the subsoil in little-studied basins. The main criterion for allocating a site in accordance with the License is its location within territories with a low degree of geological and geophysical exploration. This approach will provide higher legal protection and investment stability, and allow investors to receive certain tax and other preferences, which will be reflected in the Improved Model Contract. At present, the proposed package of improved regulatory conditions has been approved by all interested parties,” the speaker noted.
In addition, in order to increase investment attractiveness in the field of solid minerals, as part of the 74th step of the Nation's 100 Concrete Steps National Plan to increase transparency and predictability in the field of subsoil use, an international system of reporting standards for mineral reserves has been introduced. In 2016, Kazakhstan joined the CRIRSCO family. The “Kazakhstan Association for Public Reporting on the Results of Geological Exploration, Mineral Resources and Mineral Reserves” and the “Professional Association of Independent Subsoil Experts” were created. All necessary regulatory and technical documents have been developed. The legislation provides for a transitional period with the application of the current system of the State Commission on Mineral Reserves until January 1, 2024.
Illustrative photo from open sources