Majilis approves draft law on subsurface use in the field of hydrocarbons and uranium

Deputy Yedil Zhanbyrshin presented the document to the Majilis.

According to him, this is a strategic document aimed at ensuring energy security, investment attractiveness, and a new level of geological science development.

The draft law contains several key novelties.

First, the draft law determines the status of underexplored territories. These include areas where regional geological studies have not previously been conducted or where promising sedimentary basins have not been identified.

Secondly, a new provision is introduced, under which a company that has carried out geological exploration in such territories at its own expense receives priority and is guaranteed the right to move on to the exploration and production stages.

At the same time, an investor must carry out 2D seismic surveys over at least 30% of the contract area within the first three years. Thus, those investing in subsurface exploration gain the right to further development. This mechanism simultaneously protects the investor's interests and provides the state with new geological data.

Third, the proposed bill suggests limiting the reservation period and putting the released plots up for electronic auctions. This approach is expected to boost competition, accelerate geological exploration, and attract new market participants. Currently, national companies specializing in hydrocarbons hold rights to 53 subsurface plots, but only 20% of them are being developed.

The fourth key provision concerns the uranium industry. In light of the growing interest of the global economy in nuclear energy, the national company is granted priority rights to explore and develop new uranium deposits. This decision is aimed at preserving the country’s energy balance and strengthening Kazakhstan’s position in the nuclear energy sector.