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Publish Date : 07-Jun-2018

On June 5, 2018, President of LUKOIL CJSC Vagit Alekperov and Chairman of the Board of JSC NC KazMunayGas Sauat Mynbayev signed an agreement on the principles of the "Zhenis" block in the Kazakh sector of the Caspian Sea.

The signed agreement provides for the parties to negotiate with the competent authorities of the Republic of Kazakhstan to form a consortium and obtain a subsurface use right at a certain site .

It is important to note that the Ministry of Energy of the Republic of Kazakhstan has done extensive work in the sphere of subsoil use, including geological exploration during 2017. Under the fall in oil prices, the Subsoil Code and the Tax Code are aimed at increasing investment attractiveness.

The adoption of the Subsoil and Subsoil Use Code, which will be put into effect on June 29, 2018, has played an important role in boosting investment in the subsoil, particularly exploration.

After the entry into force of the Code, subsoil use rights will be significantly simplified, terms will be reduced (up to 40 working days), administrative barriers will be reduced (legal, economic expertise, project documentation for the contract will be excluded).

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