BAKU, Azerbaijan, Dec. 11
By Nargiz Sadikhova - Trend:
Kazakhstan will hold the first ever online auction for exploration and development of oil and gas fields, Trend reports citing the Kazakhstan’s Ministry of Energy.
The online auction service was launched on September 1, 2020 on the state property register portal www.gosreestr.kz. Thus, the Ministry of Energy is planning to grant the right to subsurface use to investors.
Currently, the interactive map containing information on 82 sites is available.
To initiate an auction for each of the objects, a potential investor needs to submit an application online, after which the process of auctioning exploration and/or development of the deposit is launched.
A total of 10 sites were published for an auction to date, however the auction on Dec.23 will include only seven of them. The remaining three sites are yet to undergo auction process since the number of bids for these sites is less than the minimal number.
The new auction mechanism is expected to make the oil and gas market more transparent, reduce bureaucracy and significantly reduce costs for both business and the state.
The information system, due to integration with state databases, also makes a preliminary assessment and, if necessary, limits participants in submitting applications.
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