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Kazakhstan approves rules for categorization of hydrocarbon deposits

Oil&Gas Materials 18 January 2021 11:21
Kazakhstan approves rules for categorization of hydrocarbon deposits

BAKU, Azerbaijan, Jan. 18

By Nargiz Sadikhova – Trend:

Kazakhstan’s governmental decree approved the rules for categorizing hydrocarbon deposits as low-profit, high-viscosity, watered, marginal, and depleted ones, as well as the taxation procedure in terms of the tax on the extraction of minerals, Trend reports referring to the government’s press service.

The government decided to:

1. Introduce to its resolution dated April 18, 2018, No. 204 ‘On approval of the Rules for categorizing a hydrocarbon deposit (a group of deposits, part of a deposit) as low-profit, high-viscosity, watered, marginal, and depleted one and the taxation procedure in terms of the tax on mineral extraction’ (Collected Acts of the President and Government (SAPP) of the Republic of Kazakhstan, 2018, No. 20, Article 108) the following addition:

Clause 22-1 from the Rules for сategorizing a field (a group of fields, part of a field) of a crude hydrocarbon as low-profit, high-viscosity, watered, marginal, and depleted one and the procedure for taxation in terms of the tax on the extraction of minerals, approved by the said resolution, shall be supplemented with part 3 as follows: "At the same time, the 3-year limitation period for the reduced rates of mineral extraction tax, established in part one of this clause, does not apply to a legal entity whose controlling stake belongs to a national company and/or legal entities, 70 and more percent of the voting shares of which belong to the national company."

2. Put this resolution into effect upon the expiration of ten calendar days after the day of its first official publication.)

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