Kazakhstan to improve conditions for investors in oil and gas sector

NUR-SULTAN. KAZINFORM Kazakhstan plans to amend the Subsoil and Subsoil Use Code in order to attract investors to the understudied sedimentary basins, Kazinform reports.

«Amendments will provide for an exclusive right of subsoil users to get an opportunity of guaranteed transition from the geological study of the subsurface to the exploration and production stage under the enhanced model-based contact,» head of the geology committee of the Kazakh Ecology, Geology and Natural Resources Ministry Talgat Satiyev said.

It is planned to introduce petroleum potential exploration licensing at the understudied basins. The key criterion for allocation of the plot is low geological and geophysical knowledge of deposits.

Earlier he said that for the past 25 years over 70% of all investments attracted were channeled to the oil and gas sector up to KZT 52.2 trln, 27% to the mining sector which is KZT 19.5 trln. Most investments were infused into priority types of commercial minerals, such as oil, copper, gold, uranium, coal, and base metals. KZT 4 trln was invested in geological exploration.