Oil plays a pivotal role in Kazakhstan's economy, and Tengrinews.kz delved into the specifics of the country's oil export earnings and reserves on March 18. As per to the Ministry of Energy of Kazakhstan, the nation's current oil reserves amounted to 4.4 bn tons at the start of the year. Notably, about 80% of these reserves are sourced from ten major fields, including Kashagan, Sea, and Karachaganak.
In terms of export destinations, Kazakhstan primarily ships oil to Italy, the Netherlands, China, Korea, Romania, France, Turkey, Greece, and Singapore.
Revenue Generated from Oil
Revenue generated from oil production and export is crucial for Kazakhstan's economic stability. The Ministry of Finance reports that income from the oil sector is derived from tax payments by organizations operating within it. In 2023, total revenue from oil-related taxes exceeded 3 trillion tenge (approximately $6.64 bn). This includes the mineral extraction tax, rent tax for export, and customs fees for crude oil export.
Kazakhstan is focused on enhancing its oil production capacity. Expansion projects are underway at major fields like Tengiz and Kashagan, with the aim of achieving an annual production volume of 100 mn tons. Additionally, efforts are being made to explore and develop new oil fields. Collaborating with industry partners and international organizations, such as Chevron, Eni, Shell, and CNPC, Kazakhstan is leveraging modern technologies to optimize extraction processes.
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