President Of Kazakhstan Inks Law To Enhance Subsoil Use In Hydrocarbon, Uranium Sectors

(MENAFN- Trend News Agency) 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.

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