How Kazakhstan’s contractual arrangements have changed

Two types of contractual arrangements govern E&P activity in Kazakhstan: an excess profit tax (EPT) contract, also called a Model 1 tax regime, and production sharing contracts (PSC), or a Model 2 tax regime.Under an EPT contract, the international oil company (IOC) will typically form an operating company with the host government (HG) and carry the HG participation until discovery. If exploration is successful, the subsurface user will pay various taxes and other obligatory payments according to the tax legislation.A subsurface user is required to pay a subscription (signature) and discovery bonus, royalty, economic rent tax on oil and gas condensate for export, excess profit tax, co...

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