ASTANA, Kazakhstan, December 26. Kazakhstan’s
President Kassym-Jomart Tokayev has signed a law aimed at improving
the country’s subsoil use practices, particularly in the
hydrocarbon and uranium sectors, Trend reports via the country’s president press
service.
The law, which amends the “Code on Subsoil and Subsoil Use,”
introduces several key changes designed to boost investment and
efficiency in resource exploration and extraction.
One major update is the definition of “underexplored
territories,” areas where regional geological surveys have not been
conducted or where promising sedimentary basins have not been
identified. The law grants companies that fund geological surveys
in these regions a priority right to move forward with exploration
and production, helping to build investor confidence.
Another important aspect of the law is its focus on increasing
the effective use of reserve areas. While 53 subsoil plots are
currently reserved for national hydrocarbon companies, only 20% of
them are actively utilized. The law will limit the duration of
these reservations and allow unused plots to be offered through
electronic auctions, fostering greater competition and speeding up
geological exploration.
The law also addresses the growing global interest in nuclear
energy, giving national companies priority rights to explore and
develop new uranium deposits. This is aimed at ensuring
Kazakhstan’s energy balance and reinforcing its position in the
global nuclear sector.
