"From our perspective, these amendments, which were developed by the Ministry of Energy of the RK together with MPs, associations and oilmen, are really aimed at boosting the investment attractiveness of the industry. For instance, subsoil users will have the right to refuse to drill wells with no mineral resources, that is, they will be exempt from fines. This is in fact a great relief. Because each subsoil user spends from US$ 500 thousand to US$ 5 million to drill one well, depending on various parameters. That is, they are taking a certain risk. If the well was empty, the developer was penalized, but now the draft law provides for exemption of business representatives from this punishment," explains Sayat Boranbekov, President of the PetroMining Association.
"We strongly support the direction the government is taking in terms of incentivizing the development of depleting fields. The production by national oil producers has fallen by 17% over 5 years. The measures taken will assist in halting the dynamics of the industry's decline," stresses Jaromir Rabai, Executive Director of the PetroMining Association.