Law No. 68-III ZRK on contracts on production sharing in the process of oil extraction at sea.

The present Law regulates public relations connected with granting authorization for carrying out oil extraction, conclusion of contracts, amendment and cessation thereof, on production sharing in the Kazakh part of the Caspian Sea and the Aral Sea. The Government, for the purpose of protection of biosphere reserves and environment can determine at the proposal of the authorized environmental institution sections of territories on which the activity of contractors shall be limited of prohibited (art. 3). The Parties of the contract on production sharing shall be the Republic of Kazakhstan represented by the competent body and contractors – natural and legal persons that have concluded a contract on production sharing with the competent authority (art. 5). Concession of subsoil management of the sections of territories on condition of production sharing shall be granted by the competent body after the conclusion of the contract that is subject to compulsory registration on conformity with the established modalities (art. 6). The Law consists of 5 Sections composed of 34 articles.