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Moratorium on developing new hydrocarbons deposits to be only lifted for onshore assets

04 февраля 2013, 19:18
©RIA Novosti
©RIA Novosti
The current moratorium on developing new hydrocarbons deposits will be only lifted for onshore assets, Newskaz.ru reports, citing Kazakhstan’s Minister of Oil and Gas Sauat Mynbayev as saying February 4.

“The lift will not cover the Caspian and Aral seas’ basins”, Mr. Mynbayev told a briefing.

“There has been no bidding related to new onshore hydrocarbons deposits in the last 5 years. Back in 2010 Kazakhstan passed a new legislation on subsurface use; the new law sets 4-5 criteria for potential subsurface users to meet (…) a certain amount of funds to be spent on training workforce, certain requirements regarding the share of local workforce, implementation of investment projects. These criteria are the same for all prospective subsurface users”.

“What are the reasons for lifting the moratorium on development of new deposits? (…) one of the reasons is that investments into onshore geological exploration need to be increased”, the Minister said.
Tengrinews.kz reported earlier that Kazakhstan’s Government may lift the moratorium on issuing new subsurface use licenses.

The moratorium was introduced in 2008 when the Government started drafting a new tax legislation which abolished Product Sharing Agreements. The new tax code renouncing contract stability and toughening taxes on the extraction sector came into force January 1, 2009.

“For individual country regions to be interested in attracting investments, the Government should think of lifting the moratorium on issuing new subsurface use licenses with regards to certain natural resources”, President Nazarbayev said when meeting regional governors in his Astana-based Residence November 28, 2012.

Head of State emphasized that if a country region attracts investments to a deposit of natural resources, part of the proceedings should be retained by this particular region.

“I commission the Government to work out respective suggestions in partnership with country regions’ governors (…) so that country regions could have an incentive to attract investments”, President summed up at that time.

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