BAKU, Azerbaijan, May 19. Kazakhstan is planning to amend the code on subsoil use to attract investors to projects on little-studied sedimentary basins, Talgat Satiyev, Chairman of Kazakhstan’s Geology Committee said, Trend reports citing Kazakh media.
He noted that the planned amendments provide for the exclusive right of a subsoil user for the possibility to receive guarantee to move from geological study to exploration and production under an improved model agreement.
Thus, it is proposed to introduce licenses for the geological study of the promising areas in under-explored basins. The main criterion for allocating a site will be its low level of geological and geophysical exploration.
“This approach will provide higher legal protection and investment stability, and will allow investors to receive certain tax and other preferences. This will be reflected in the improved model contract. At present, the proposed package of improved regulatory conditions has been approved by all interested parties,” Satiyev explained.