Kazakhstan to issue licenses to investors to develop 20 new fields

 

The Kazakhstan Sovereign Wealth Fund, Samruk-Kazyna, is preparing a list of fields where licenses for development will be issued to potential investors after lifting a moratorium on the development of hydrocarbon fields, told chairman of the Kazakhstan Sovereign Wealth Fund Samruk-Kazyna, Umirzak Shukeyev, told a meeting of the Fund Board with the participation of Prime Minister Serik Akhmetov.

He said about 20 fields will be included in this list.

"We are preparing a list of fields, probably 20 of which are planned to be given over for development," Shukeyev said.

According to Shukeyev, in parallel, proposals are being prepared to simplify procedures for issuing, as investors' interest in fields remain for six or seven months and then becomes weak.

The moratorium on the development of new oil fields will be lifted in Kazakhstan in 2013, Oil and Gas Minister Sauat Mynbayev said earlier. A moratorium on the issuance of licenses for subsoil use was introduced in 2008, when the government began to develop a new tax law stipulating abolition of such contract types as a production sharing agreement.

A new tax code which provides for the waiver of contract stability and tightening taxation of the mining sector came into force on January 1, 2009.

In November 2012, Kazakh President Nursultan Nazarbayev instructed the government to consider lifting the moratorium on extraction of certain minerals to make the region more attractive for investors.

 

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