Cabinet of Ministers decides on investment projects on hydrocarbons production

In pursuance of subparagraph 263.9.2 of the Tax Code, the Cabinet of Ministers has adopted a resolution “Some issues of fulfillment of the current and new investment projects (programs, contracts), which provide for increase of hydrocarbons production”.

The Cabinet approved Procedure of selection and approval of new investment projects (programs, contracts) through the resolution №838 dated November 7 of 2013.

The procedure determines mechanism of selection and approval of such projects at subsoil area (fields, deposits), characterized by worsened geological factors (hard to extract) or depleted state in the process of development in previous periods, at certain acting wells after overhaul, at well, which are recovered from liquidated, at new wells or groups of wells, located in such subsoil areas.

In accordance with the Procedure new investment projects must include: