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Republic of Kazakhstan Ministry of Oil and Gas terminated 28 subsurface use contracts in 2010.

  february 2011

Suat Mynbaev, head of the Ministry of Oil and Gas of Kazakhstan informed that the office terminated 28 contracts with unfair subsurface users in 2010 at the next ministerial board meeting.

The minister emphasised, that principal cause of those actions were the subsurface users’ defaults under concrete obligations.

Let's remember, that there are 206 republican subsurface use contracts on hydrocarbon raw prospecting and extraction. 70 of them relate to prospecting, 52 are on oil and gas extraction, 68 are combined and 16 represent production sharing contracts (PSC).

News source:  http://www.geonews.com.ua
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