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Kazakhstan to auction several land plots for hydrocarbons exploration, dev't

Oil&Gas Materials 25 January 2021 17:26
Kazakhstan to auction several land plots for hydrocarbons exploration, dev't

BAKU, Azerbaijan, Jan. 25

By Nargiz Sadikhova – Trend:

Kazakhstan will hold an online auction to receive the right for exploration and development of hydrocarbons on Apr. 23, 2021, Trend reports citing the Ministry of Energy of Kazakhstan.

The application for participation in the online auction can be submitted via the website of the electronic auction operator: www.gosreestr.kz. The participants will act for the right of exploring and developing 15 hydrocarbons sites.

The auction will begin on April 23 at 10:00 (GMT+6) and will end at 17:00 (GMT+6). An online On the website broadcast of the auction will be held via the official account of the Ministry of Energy, as well as its departments in social networks.

The names of all the sites to be auctioned off are available on the website of the Ministry of Energy.

The right to subsoil use gained through auction is granted for a specified period and is not considered land ownership. The right is regulated by the "On Subsoil and Subsoil Use" Code of Kazakhstan, any technological processes at the sites are possible only with the approval of the Central Commission for Exploration and Development under the Ministry of Energy.

Having gained the right for the subsoil use, the investor signs a land lease agreement with the local executive body. Before developing a project document, each subsoil user is obliged to hold public hearings with the participation of the local population. All proceeds from the auction will replenish the country’s state budget.

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Follow the author on Twitter: @nargiz_sadikh

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