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Report
Kazakhstan Oil And Gas - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026 - 2031)
Market Report I 2026-01-16 I 95 Pages I Mordor Intelligence
Kazakhstan Oil And Gas Market Analysis
Kazakhstan Oil And Gas market size in 2026 is estimated at USD 9.93 billion, growing from 2025 value of USD 9.49 billion with 2031 projections showing USD 12.45 billion, growing at 4.62% CAGR over 2026-2031.
This steady expansion reflects Kazakhstan's role as Central Asia's leading hydrocarbon producer, its substantial proven reserves, and ongoing foreign investment in major field developments. Diversified export pipelines, government-backed capacity-expansion programs, and the deployment of digital oilfield and enhanced recovery technologies sustain growth even as OPEC+ quotas and European Union carbon regulations evolve. Upstream operations remain the largest revenue generator, while midstream infrastructure upgrades post the fastest growth. Offshore Caspian Sea projects and large-scale construction contracts drive service demand, reinforcing the country's transition from a pure upstream player to an integrated energy hub.
Kazakhstan Oil And Gas Market Trends and Insights
Abundant Proven Oil & Gas Reserves
Kazakhstan holds more than 30 billion barrels of proven oil reserves, concentrated in the Caspian Basin, which provides the country with long-term supply security and leverage in export negotiations. Kashagan alone contains close to 13 billion barrels of recoverable oil, keeping the resource base competitive with other global offshore plays. Ongoing government-led seismic surveys continue to identify new structural opportunities, while updated licensing terms under the Ministry of Energy encourage staged development that aligns production profiles with infrastructure capacity. Enhanced oil recovery trials in mature Mangystau fields are already boosting output and extending field life, underscoring the commercial attractiveness of the reserves. The scale of these resources enables Kazakhstan to secure multi-decade supply contracts with refiners across Europe and Asia, thereby reinforcing Kazakhstan's oil and gas market as a reliable growth platform.
Foreign Investment in Mega-Fields (Tengiz, Kashagan)
International operators are anchoring the Kazakhstan oil and gas market through multi-billion-dollar commitments that involve adding new production trains and introducing cutting-edge sour-gas handling technology. Chevron's USD 45 billion Future Growth Project at Tengiz is slated to add 260,000 barrels per day of new capacity by 2025, integrating sulfur recovery units that lower carbon intensity. ExxonMobil maintains capital programs in Kashagan despite high-pressure, high-sulfur challenges, reflecting confidence in offshore economics. Joint-venture structures with KazMunayGas facilitate technology transfer and local workforce development, while preserving state control over resources. These projects stimulate demand for fabrication yards, pipeline extensions, and power generation upgrades, resulting in spillover benefits across the broader Kazakhstan oil and gas market.
Crude-Price Volatility
Kazakhstan's fiscal revenues and investment pipelines remain sensitive to Brent price swings, especially when the price is below USD 60 per barrel, as offshore operating margins shrink. Production costs average USD 35-40 per barrel in mature onshore fields and USD 50-55 in complex offshore projects. Although the National Fund cushions short-term revenue gaps, prolonged downturns defer drilling schedules, compress exploration budgets, and raise financing costs. Currency fluctuations between the tenge and the U.S. dollar complicate debt servicing on dollar-denominated borrowings. While major IOCs hedge exposures, smaller domestic firms often lack sophisticated risk-management tools, amplifying cash-flow stress across the Kazakhstan oil and gas market.
Other drivers and restraints analyzed in the detailed report include:
Government Push to Triple Refining & Petrochemicals CapacityDiversification of Export Routes (Middle Corridor, BTC)OPEC+ Production Quotas
For complete list of drivers and restraints, kindly check the Table Of Contents.
Segment Analysis
Upstream activities accounted for 67.90% of Kazakhstan's oil and gas market size in 2025, reflecting the country's reliance on crude and gas extraction for export earnings. The upstream segment is underpinned by mega-field expansions at Tengiz and the ongoing optimization of Kashagan, which utilize advanced gas-injection and sulfur-recovery systems to drive production growth. Digital twins and real-time reservoir-modeling platforms reduce unplanned downtime and enhance well productivity. Over the forecast horizon, upstream remains a cash-flow engine; however, the 7.74% CAGR expected in midstream illustrates a shift in capital toward pipelines, gas processing, and storage as export corridors widen.
Investor appetite for integrated value chains accelerates the convergence of upstream and pipeline ownership. KazMunayGas leverages stakes in both producing assets and the CPC system, exploiting economies of scale and negotiating power on transit tariffs. Midstream's rapid expansion encompasses compressor-station upgrades and branch lines that feed petrochemical feedstock streams, dovetailing with downstream diversification mandates. By 2031, the Kazakhstan oil and gas market is poised to feature a more balanced revenue mix, although upstream will continue to anchor earnings thanks to its high-margin contributions.
The Kazakhstan Oil and Gas Market Report is Segmented by Sector (Upstream, Midstream, and Downstream), Location (Onshore and Offshore), and Service (Construction, Maintenance and Turn-Around, and Decommissioning). The Market Sizes and Forecasts are Provided in Terms of Value (USD).
List of Companies Covered in this Report:
National Company JSC (KazMunayGas) Chevron Corporation ExxonMobil Corporation TotalEnergies SE Eni SpA PJSC Gazprom PJSC Lukoil Oil Company North Caspian Operating Company (NCOC) Karachaganak Petroleum Operating BV Tengizchevroil LLP QazaqGaz National Company KazTransOil JSC China National Petroleum Corp (CNPC) Sinopec Ltd MOL Group Nostrum Oil & Gas PLC PetroKazakhstan Inc Tatneft PJSC Shell plc Eni - Agip KCO
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 Introduction
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Landscape
4.1 Market Overview
4.2 Market Drivers
4.2.1 Abundant proven oil & gas reserves
4.2.2 Foreign investment in mega-fields (Tengiz, Kashagan)
4.2.3 Government push to triple refining & petrochemicals capacity
4.2.4 Diversification of export routes (Middle Corridor, BTC)
4.2.5 Digital oilfield & EOR roll-outs in mature plays
4.2.6 Rising EU demand for CPC blend post-Russia sanctions
4.3 Market Restraints
4.3.1 Crude-price volatility
4.3.2 OPEC+ production quotas
4.3.3 Aging midstream infrastructure bottlenecks
4.3.4 EU carbon-border taxes on high-emission crude
4.4 Supply-Chain Analysis
4.5 Regulatory Landscape
4.6 Technological Outlook
4.7 Crude-Oil Production & Consumption Outlook
4.8 Natural-Gas Production & Consumption Outlook
4.9 Installed Pipeline Capacity Analysis
4.10 Unconventional Resources CAPEX Outlook (tight oil, oil sands, deep-water)
4.11 Porter's Five Forces
4.11.1 Supplier Power
4.11.2 Buyer Power
4.11.3 Threat of New Entrants
4.11.4 Threat of Substitutes
4.11.5 Competitive Rivalry
4.12 PESTLE Analysis
5 Market Size & Growth Forecasts
5.1 By Sector
5.1.1 Upstream
5.1.2 Midstream
5.1.3 Downstream
5.2 By Location
5.2.1 Onshore
5.2.2 Offshore
5.3 By Service
5.3.1 Construction
5.3.2 Maintenance and Turn-around
5.3.3 Decommissioning
6 Competitive Landscape
6.1 Market Concentration
6.2 Strategic Moves (M&A, Partnerships, PPAs)
6.3 Market Share Analysis (Market Rank/Share for key companies)
6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Products & Services, and Recent Developments)
6.4.1 National Company JSC (KazMunayGas)
6.4.2 Chevron Corporation
6.4.3 ExxonMobil Corporation
6.4.4 TotalEnergies SE
6.4.5 Eni SpA
6.4.6 PJSC Gazprom
6.4.7 PJSC Lukoil Oil Company
6.4.8 North Caspian Operating Company (NCOC)
6.4.9 Karachaganak Petroleum Operating BV
6.4.10 Tengizchevroil LLP
6.4.11 QazaqGaz National Company
6.4.12 KazTransOil JSC
6.4.13 China National Petroleum Corp (CNPC)
6.4.14 Sinopec Ltd
6.4.15 MOL Group
6.4.16 Nostrum Oil & Gas PLC
6.4.17 PetroKazakhstan Inc
6.4.18 Tatneft PJSC
6.4.19 Shell plc
6.4.20 Eni - Agip KCO
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