Kazakhstan is extremely rich in oil natural resources.

On the territory of the country they have discovered nearly 160 deposits of oil and gas. Their reserves - known to this day - are approximately equal to present day resources of the whole of the Western Europe. These oil and gas fields contain about 20,000,000,000 barrels of oil and 700,000,000 ton of gas condensate. Sum total of the cost thereof is estimated in the region of USD 4 bln.

The opening of the Caspian Consortium pipeline in 2001, from western Kazakhstan`s Tengiz oilfield to the Black Sea, substantially raised export capacity. The Tenghiz field only ranks as one of the largest deposits of the world that is estimated to contain 6-9 billion barrels. Other important fields are Uzen, and Karachaganak. Kazakhstan produces over half a million barrels of oil a day.

The oil industry in Kazakhstan is significant as it the second largest oil producer among former Soviet republics, after Russia.

Kazakhstan has made many joint venture partnerships with foreign partners to explore for fields, however full use of the country’s oil and gas sector is hindered by the lack of pipeline integration. The country has to import energy consumption needs from Turkmenistan and Uzbekistan, to distribute amongst its populous areas and export oil and gas and electricity through Russia.