Second Reading: Majilis Approves Amendments to Subsoil Code
Photo: Pixabay, illustrative purposes
The Majilis has adopted amendments to the Code “On Subsoil and Subsoil Use” in its second reading. The changes are designed to create special conditions for developing hard-to-recover oil reserves — including deposits containing highly viscous, bituminous, and shale oil that require advanced extraction technologies, Orda.kz reports.
Under the new regulations, drilling depths may now reach up to 5,000 meters without the need to alter existing site boundaries. The amendments also introduce tax and administrative incentives for companies that apply innovative methods to increase production.
The procedure for granting subsoil use rights will be streamlined.
Paper-based protocols and commissions will be eliminated, and the review period for applications and invalidation of auctions will be shortened.
The reform is intended to attract investment in hydrocarbon exploration and production, enhance resource efficiency, and strengthen the state’s role in the uranium industry. According to the government, the transition to electronic auctions will make the process more transparent and convenient for investors.
Original Author: Artyom Volkov
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