Overview of the Kazakh oil industry
The extraction, production and transportation of oil and gas is a significant part of the Kazakhstan economy. The Caspian Basin is one of the world's largest untapped hydrocarbon reservoirs. Kazakhstan has projected reserves of 28 billion barrels of oil and condensate and 106 trillion cubic feet of gas. Kazakhstan is not a member of OPEC and is not subject to the OPEC system of production quotas.
The largest deposits of explored oil reserves are located in the Tengiz, Zhetybai, Kalamkas and Uzen fields in the Caspian region, the Karachaganak and Zhanazhol fields in North-Western Kazakhstan, the Kumkol filed in central Kazakhstan and the Kashagan fields in the Kazakh sector of the Caspian Sea.
The Government of Kazakhstan encourages foreign direct investment in the oil and gas sector. In Kazakhstan, major international oil companies and smaller independent companies, such as Caspian, compete for the acquisition of additional exploration and production rights as well as for access to export routes.