Kazakhstan will adopt the code on subsurface use in 2017, Deputy Minister of Energy of KazakhstanMagzum Mirzagaliev said at the conference of the KIOGE “Oil and Gas” in Almaty. In addition, it involves gradual introduction of international accounting system of mineral reserves. Following the results, specific legislative proposals will be developed in 2017. International reserves accounting system is scheduled to launch in 2018.

“In order to create a favorable investment climate, our ministry works on improving legislation in the oil and gas industry. The basic principle is to bring national legislation to international standards. Thus, developing new Code on mineral resources is essential,” Magzum Mirzagaliev said.

According to Deputy Minister, the Code provides simplification of granting rights for subsoil use, expansion of international cooperation and investment flow for the exploration of new oil and gas fields.

“The main directions of the reform of the Code - is introduction of mechanisms to stimulate private investment in mineral and geological exploration, ensuring predictability and stability of the industry regulation; to simplify procedures of the term of the interaction with the regulators, in other words elimination of administrative barriers. The adoption of the Code is planned in the second half of next year,” the Deputy Minister informed.

KAZINFORM

Published: 05 October 2016

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