Kazakhstan Oil And Gas Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 1.47 Million barrels per day |
| Market Volume (2029) | 1.51 Million barrels per day |
| CAGR (2024 - 2029) | 0.53 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Kazakhstan Oil And Gas Market Analysis
The Kazakhstan Oil And Gas Market size in terms of production volume is expected to grow from 1.47 Million barrels per day in 2024 to 1.51 Million barrels per day by 2029, at a CAGR of 0.53% during the forecast period (2024-2029).
Over the medium term, factors such as abundant oil and gas reserves and favorable investment conditions are expected to drive the market during the forecasted period.
On the other hand, volatile oil and gas prices due to recent geopolitical developments are likely to restrain the growth of the oil and gas market during the forecasted period.
Nevertheless, the potential of developing downstream industries in the country to create a complete oil and gas value chain is expected to create significant opportunities.
Kazakhstan Oil And Gas Market Trends
Upstream Sector to Witness Significant Growth
- The oil and gas reserves present in Kazakhstan provide significant opportunities for exploration and production activities, attracting investment from domestic and international companies.
- Kazakhstan has been actively exploring and developing new oil and gas fields. Projects like Kashagan, one of the world's largest offshore oil fields, have attracted substantial investments and contributed to the growth of the upstream sector. Ongoing exploration and discoveries of new fields further contribute to the growth potential.
- Moreover, the Kazakh government has implemented favorable policies and provided incentives to promote the growth of the upstream sector. These measures include tax benefits, streamlined regulatory procedures, and the creation of special economic zones. The government's commitment to attracting investment and supporting E&P activities has created a conducive environment for the sector's growth.
- Additionally, global demand for oil and gas continues to be strong, particularly in emerging economies. Kazakhstan, with its significant reserves, is well-positioned to meet this demand. The growing energy requirements, both domestically and in export markets, create opportunities for the expansion of the upstream sector to cater to increased production needs.
- According to the Energy Institute Statistical Review of World Energy, between 2016 and 2022, oil production in Kazakhstan increased by more than 8%, signifying the increasing upstream sector in the country.
- Furthermore, in February 2023, Lukoil gave authorization to its partner, KazMunayGaz, the state oil and gas company of Kazakhstan, to negotiate a standardized exploration and development contract for a significant offshore block located in Kazakhstan's sector of the Caspian Sea. In a recent agreement signed in Astana, KazMunayGaz and Lukoil have undertaken a joint project to explore and develop the Kalamkas-more block.
- Considering these factors, the upstream sector in the Kazakhstan oil and gas market is expected to experience significant growth during the forecasted period.
Abundant Oil and Gas Reserves to Drive the Market
- Kazakhstan has significant oil and gas reserves, including major fields such as Kashagan, Tengiz, and Karachaganak. These reserves are estimated to be among the largest in the world. Such substantial resources provide a strong foundation for Kazakhstan's oil and gas market growth.
- Despite the already discovered reserves, there is still untapped potential for further exploration and discovery of oil and gas fields in Kazakhstan. The country's vast and diverse geological landscape offers opportunities for companies to explore and develop new reserves. This potential for future discoveries fuels optimism and attracts investment in the industry.
- Based on the information provided by the Kazakhstan Ministry of Oil and Gas, it is estimated that as of 2022, the proven hydrocarbon reserves, both onshore and offshore, in Kazakhstan amounted to approximately 4.8 billion tons or over 35 billion barrels. Additionally, there are likely to be more oil reserves in fields located in the Kazakh section of the Caspian Sea, which could exceed 17 billion tons or 124.3 billion barrels. With these substantial reserves and the continuous growth in production volumes, Kazakhstan will probably remain one of the leading oil-producing countries in the foreseeable future.
- Kazakhstan possesses notable natural gas potential as well. The proven gas reserves in the country amount to 3 trillion cubic meters, while the projected reserves are estimated to reach 5 trillion cubic meters.
- The abundant reserves make Kazakhstan an attractive destination for international oil and gas companies. These companies are drawn to the country's resource-rich environment and the potential for profitable operations and long-term partnerships. The influx of foreign investment stimulates the growth of the oil and gas market, bringing in advanced technologies, expertise, and capital.
- For instance, in September 2022, Kazakhstan announced a strategy to redistribute or sell 107 licenses to explore and develop oil and gas blocks in the Caspian Sea region. The objective is to find new owners for prospective and existing oil and gas fields, whether onshore or offshore. Through an online auction, interested parties can express their interest in specific oil and gas blocks, which will be available for bidding for exploration and production licenses.
- Considering these factors, Kazakhstan's abundant oil and gas reserves are expected to be a primary driver of growth in the country's oil and gas market. Substantial reserves attract investment, fuel exploration efforts, and position Kazakhstan as an essential player in the global energy landscape.
Kazakhstan Oil And Gas Industry Overview
Kazakhstan's oil and gas market is moderately consolidated. The major companies (in no particular order) include National Company JSC (KazMunayGas), Chevron Corporation, Karachaganak Petroleum Operating BV, PJSC Gazprom, and PJSC Lukoil Oil Company, among others.
Kazakhstan Oil And Gas Market Leaders
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National Company JSC (KazMunayGas)
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Chevron Corporation
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Karachaganak Petroleum Operating B.V.
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PJSC Gazprom
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PJSC Lukoil Oil Company
*Disclaimer: Major Players sorted in no particular order
Kazakhstan Oil And Gas Market News
- June 2023: The Ministry of Energy in Kazakhstan has announced that the country will maintain its reduction of oil production by 78,000 barrels per day until the end of 2024. This decision aligns with the agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) in June 2022.
- May 2023: Sinopec, the Chinese energy company, has announced that it has reached significant agreements with KazMunayGaz, the state-owned oil and gas firm of Kazakhstan. The agreements pertain to the construction of a petrochemical complex that will be based on gas in the Atyrau region of Kazakhstan. A final investment decision regarding this project is expected to be made in 2024.
Kazakhstan Oil And Gas Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Crude Oil Production and Consumption Forecast in million barrels per day, till 2029
4.3 Natural Gas Production and Consumption Forecast in billion cubic feet per day, till 2029
4.4 Refinery Installed Capacity and Forecast in thousands barrels per day, till 2029
4.5 LNG Terminals Installed Capacity and Forecast in MTPA, till 2029
4.6 Recent Trends and Developments
4.7 Government Policies and Regulations
4.8 Market Dynamics
4.8.1 Drivers
4.8.1.1 Abundant Oil and Gas Reserves
4.8.1.2 Favorable Investment in Upstream Sector
4.8.2 Restraints
4.8.2.1 Volatility of Crude Oil Prices
4.9 Supply Chain Analysis
4.10 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Upstream
5.1.1 Location of Deployment
5.1.1.1 Onshore
5.1.1.1.1 Overview
5.1.1.1.1.1 Existing Projects
5.1.1.1.1.2 Projects in Pipeline
5.1.1.1.1.3 Upcoming Projects
5.1.1.2 Offshore
5.1.1.2.1 Overview
5.1.1.2.1.1 Existing Projects
5.1.1.2.1.2 Projects in Pipeline
5.1.1.2.1.3 Upcoming Projects
5.2 Midstream
5.2.1 Transportation
5.2.1.1 Overview
5.2.1.1.1 Existing Infrastructure
5.2.1.1.2 Projects in Pipeline
5.2.1.1.3 Upcoming Projects
5.2.2 Storage
5.2.2.1 Overview
5.2.2.1.1 Existing Infrastructure
5.2.2.1.2 Projects in Pipeline
5.2.2.1.3 Upcoming Projects
5.2.3 LNG Terminals
5.2.3.1 Overview
5.2.3.1.1 Existing Infrastructure
5.2.3.1.2 Projects in Pipeline
5.2.3.1.3 Upcoming Projects
5.3 Downstream
5.3.1 Refineries
5.3.1.1 Overview
5.3.1.1.1 Existing Infrastructure
5.3.1.1.2 Projects in Pipeline
5.3.1.1.3 Upcoming Projects
5.3.2 Petrochemicals Plants
5.3.2.1 Overview
5.3.2.1.1 Existing Infrastructure
5.3.2.1.2 Projects in Pipeline
5.3.2.1.3 Upcoming Projects
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 National Company JSC (KazMunayGas)
6.3.2 Chevron Corporation
6.3.3 Karachaganak Petroleum Operating BV
6.3.4 PJSC Gazprom
6.3.5 PJSC Lukoil Oil Company
6.3.6 North Caspian Operating Company
6.3.7 Nostrum Oil & Gas PLC
6.3.8 PetroKazakhstan
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Development of Downstream Industries
Kazakhstan Oil And Gas Industry Segmentation
The oil and gas market refers to the global industry involved in the exploration, production, refining, transportation, and distribution of oil and natural gas resources. It encompasses various activities and sectors related to the extraction and utilization of hydrocarbon reserves.
The Kazakhstani oil and gas market is segmented by sector. By sector, the market is segmented into upstream, midstream, and downstream. For each segment, market sizing and forecasts have been done based on volume (thousand barrels per day).
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Kazakhstan Oil And Gas Market Research FAQs
How big is the Kazakhstan Oil And Gas Market?
The Kazakhstan Oil And Gas Market size is expected to reach 1.47 million barrels per day in 2024 and grow at a CAGR of 0.53% to reach 1.51 million barrels per day by 2029.
What is the current Kazakhstan Oil And Gas Market size?
In 2024, the Kazakhstan Oil And Gas Market size is expected to reach 1.47 million barrels per day.
Who are the key players in Kazakhstan Oil And Gas Market?
National Company JSC (KazMunayGas), Chevron Corporation, Karachaganak Petroleum Operating B.V., PJSC Gazprom and PJSC Lukoil Oil Company are the major companies operating in the Kazakhstan Oil And Gas Market.
What years does this Kazakhstan Oil And Gas Market cover, and what was the market size in 2023?
In 2023, the Kazakhstan Oil And Gas Market size was estimated at 1.46 million barrels per day. The report covers the Kazakhstan Oil And Gas Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Kazakhstan Oil And Gas Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the key drivers fueling the growth of the Kazakhstan Oil and Gas Market?
The key drivers fueling the growth of the Kazakhstan Oil and Gas Market are a) Increasing energy demand and rising investment in refineries b) Government support for exploration and production initiatives
What are the main challenges hindering the growth of the Kazakhstan Oil and Gas Market?
The main challenges hindering the growth of the Kazakhstan Oil and Gas Market are a) Lack of skilled labor and the high value of hydrogen sulfide in natural gas b) Necessitating improved refining equipment
Kazakhstan Oil And Gas Industry Report
The Kazakhstan oil and gas market report indicates that the industry is poised for significant growth, driven by rising energy demands and ongoing exploration and production initiatives. The market is segmented into three key operations: upstream, midstream, and downstream. The upstream segment, which includes onshore and offshore deployment, is expected to see rapid growth due to continued focus on improving oil and gas production. The midstream segment, encompassing transportation, storage, and LNG terminals, is projected to expand considerably, fueled by increasing demand for petroleum products and crude oil for refining. The downstream segment, which includes refineries and petrochemical plants, is anticipated to hold a significant market share, driven by the rising consumption of petroleum, natural gas, and petrochemical products. The oil and gas industry in Kazakhstan remains a vital component of the country's economic growth, attracting foreign investments and generating employment opportunities. The top 10 oil and gas companies in Kazakhstan are actively contributing to this growth, leveraging the country's abundant natural resources and favorable investment climate. Statistics for the Kazakhstan oil and gas market share, size, and revenue growth rate are provided by Mordor Intelligenceā¢ Industry Reports. Kazakhstan oil and gas analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
