ASTANA – Kazakhstan’s current oil reserves amounted to 4.4 billion tons as of the beginning of the year, said the Energy Ministry in an official response to Tengrinews on March 19.
Photo credit: CNBC
Nearly 80% of all recoverable oil reserves come from 10 large fields: Kashagan, Tengiz, Karachaganak, Uzen, Korolevskoye, Zhanazhol, Kalamkas, Karazhanbas, Buzachi Severnyy and North Truva.
The share of Kazakh companies in total production accounts for 33.1%, followed by the United States – 30.9%, European Union (EU) countries – 18.4%, China – 11.4% and other countries – 2.7%.
According to the ministry, Kazakhstan exports oil to Italy, Netherlands, China, South Korea, Romania, France, Türkiye, Greece and Singapore.
The Finance Ministry explained that revenues from oil production and export are generated through tax contributions from organizations in the oil sector.
In 2023, oil production and exports revenues consisted of mineral extraction tax from oil sector organizations – 1.28 trillion tenge (US$2.8 billion); rental tax on exports from oil sector organizations – 452 billion tenge (US$1 billion); and export customs duty on crude oil – 1.6 trillion tenge (US$3.5 billion).
According to the Energy Ministry, work is in process to expand production at the Tengiz and Kashagan fields. Following this, oil production volumes are expected to reach 100 million tons per year.
“According to the law, oil produced in Kazakhstan is sent primarily to domestic oil refineries. Oil producing companies sell the rest based on their own economic interests,” the ministry said.
At present, Kazakhstan implements work on the possible potential of shale deposits to search for new oil fields. The ministry is collaborating with industrial partners and international organizations to optimize the extraction of oil.