According to the Ministry of Energy of the Republic of Kazakhstan, at the beginning of 2024, oil reserves amounted to 4.4 billion tons. Those reserves are concentrated in Kazakhstan’s largest oilfields, where 10 fields hold almost 80% of all recoverable reserves. They are: Kashagan (1.014 billion tons); Tengiz (899.2 million tons); Karachaganak (308.8 million tons, of which condensate: 242.3 million tons); Uzen (123.3 million tons); Korolevskoye (57.1 million tons); Zhanazhol (44.6 million tons, of which condensate: 8.8 million tons); Kalamkas (41.5 million tons); Karazhanbas (37.9 million tons); Buzachi Northern (35.1 million tons); Northern Truva (33.9 million tons, of which condensate: 1.4 million tons).
The ministry of energy noted that total oil production is targeted to increase to 100 million tons per year. Work is already underway to expand production at the Kashagan and Tengiz fields, and exploration work to find new fields is also ongoing. Furthermore, the ministry names the countries which are the top importers of Kazakhstan’s black gold exports. They included Italy, the Netherlands, China, Korea, Romania, France, Turkey, Greece, and Singapore.
According to representatives of the Ministry of Finance of Kazakhstan, the income from oil production and export for the country consists of taxes paid by corporations within the oil sector. The amount of taxes the state receives depends on various factors, such as production volumes, depletion of reserves, tax exemptions, the world oil price, and transportation costs.
The ministry of finance lists revenues for 2023 from oil production and exports as follows: customs export duties on crude oil (1.643 trillion tenge); mineral extraction tax from oil sector organizations (1.283 trillion tenge); rent tax on exports from oil-industry businesses (452 billion tenge). The total amount of tax received by Kazakhstan from the oil industry in 2023 amounted to about three trillion tenge ($6.6 billion).
This year, the World Bank forecast a solid GDP growth rate of 3.4% for Kazakhstan’s economy. The main driver of this growth will be the development of the hydrocarbon sector and increase in oil production. Experts note that increased oil production will increase export revenues and stimulate domestic economic growth.
