Stability of investment regime for petroleum operations in the Province of Alberta, Canada and Kazakhstan
Article from: OGEL 3 (2008), in Eurasian Energy
Ownership of the resource
Since the beginning of this century, the rising price of oil, technological advances, world economy changes as well as other key factors have contributed to the accelerated development of the global petroleum producing sectors. Universally, the ownership of petroleum belongs to the state. This rule fully applies to Kazakhstan as a unitary state. The Constitution stipulates that subsoil natural resources are the state's property. In accordance with the petroleum legislation, companies interested in oil and gas development sign with the empowered state authority. <div ...