BAKU, Azerbaijan, February 10. As of January 1, 2025, Kazakhstan's proven oil reserves are estimated at 30 billion barrels, according to the U.S. Energy Information Administration (EIA), Trend reports.
This positions the country as a significant player in global oil markets, although Kazakhstan has faced challenges in meeting its OPEC+ production targets.
In 2024, Kazakhstan's petroleum and other liquid fuels production reached approximately 1.9 million barrels per day (b/d), based on EIA estimates. This includes 1.5 million b/d of crude oil production (excluding condensate). Despite this substantial output, Kazakhstan has missed its OPEC+ production targets for several months, struggling with fluctuations in its production rates.
Kazakhstan’s oil production is primarily driven by its three major fields: Tengiz, Kashagan, and Karachaganak, which account for the bulk of the country's oil output. The Tengiz field, one of the largest in the world, produced 610,000 b/d of condensate in 2022, while Kashagan and Karachaganak contributed 255,000 b/d and 227,000 b/d of crude oil and condensate, respectively.
KazMunayGas, Kazakhstan's state-owned oil company, holds a relatively small stake in most of the country’s oil fields, with international companies such as Shell, Chevron, Eni, Lukoil, and ExxonMobil overseeing much of the operations. Chevron has been investing significantly in expanding the Tengiz field, with a planned increase in production capacity to 960,000 b/d, which would substantially boost Kazakhstan’s oil output.
However, Kazakhstan's oil production continues to face challenges, particularly from seasonal power outages that disrupt operations, especially during colder months. These power interruptions, along with missed OPEC+ targets, present ongoing concerns for Kazakhstan as it seeks to increase its oil production and maintain its position in the global energy market.
Kazakhstan’s main export blend, the Kazakh CPC blend, is a light, sweet crude oil, highly valued for its high yield of gasoline and light distillates. With a 45.3° API gravity and low sulfur content (0.56%), the CPC blend continues to be sought after in international markets.
Looking forward, the EIA estimates that Kazakhstan will need to address infrastructure challenges and align with OPEC+ production targets to fully capitalize on its vast oil reserves and solidify its role as a key oil producer in the global market.