Kazakhstan taking measures to attract foreign investors to geological exploration

Business Materials 8 September 2020 14:22 (UTC +04:00)
Kazakhstan taking measures to attract foreign investors to geological exploration

BAKU, Azerbaijan, Sept.8

By Nargiz Sadikhova - Trend:

A total of 8 billion tenge ($19.1 million) worth of investments were attracted to Kazakhstan’s geological exploration sector within the framework of subsoil use agreements in 1Q2020, First Vice-Minister of the Republic of Kazakhstan Murat Zhurebekov told Kazakhstan’s Association of Oil Service Companies, Trend reports with reference to the association.

In his words, currently the Kazakhstan’s Ministry of Ecology, Geology and Natural Resources together Ministry of Energy, is developing the State Geological Exploration Program for 2021-2025.

“This program is aimed at conducting geological and geophysical studies in regions, to determine their oil and gas potential, increase the degree of exploration of these territories, for attracting private investment in the future,” he said.

The state program will be implemented by service exploration companies of various forms of ownership at the expense of the state budget, own funds of KazMunayGas National Company and private investments.

The state program oversees creation of a fund of promising land areas to attract investors to ensure the reproduction of the mineral resource base, to ensure geological exploration of Kazakhstan’s territory.

Thus, as a result of the State Program implementation, a balanced development of the mineral resource base and its use will be ensured to meet the needs of the country's economy, as well as to attract private investment in the industry.


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