The oil and gas industry of Kazakhstan plays an important role in the economic development of the republic. It is one of the main drivers of gross domestic product (GDP) growth and an important source of national budget revenue.
According to the latest GDP forecast by the Ministry of Economy and Budget Planning of Kazakhstan in 2013, the average annual growth from 2014 to 2018 will be 6.5%. The oil and gas industry, whose share in total GDP increased from 10.9% in 2001 to 25.2% in 2012, plays a vital role in Kazakhstan’s GDP structure.
Consistent development of the oil and gas industry in the region would not be possible without foreign direct investment (FDI). The annual volume of FDI has been increasing year by year since 1998 and the share of investments in the oil and gas industry in total volume of FDI remains high.
According to BP’s Statistical Review of World Energy June 2013, Kazakhstan has proven reserves estimated at 30.0 billion barrels (3.9 billion tons) of oil and proven natural gas reserves of 45.7 trillion cubic feet (1.3 trillion cubic meters), which represent 1.8% and 0.7% of total global reserves, respectively.