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Kazakhstan
Country Analysis Briefs
Background
Kazakhstan is important to world energy markets because it has significant oil and natural gas reserves. After years of foreign investment into the country's oil and natural gas sectors, the landlocked Central Asian state has recently begun to realize its enormous production potential. With sufficient export options, Kazakhstan could become a major world energy producer and exporter over the next decade.
Kazakhstan has the Caspian Sea region's largest recoverable crude oil reserves, and its production accounts for over half of the roughly 2.8 million barrels per day (bbl/d) currently being produced in the region (including regional oil producers Azerbaijan, Uzbekistan, and Turkmenistan). Kazakhstan oil exports are the foundation of the country’s economy and have ensured that average real GDP growth has stayed above 9 percent for the last 6 years. Real GDP growth during 2007 averaged 9.5 percent.

Kazakhstan's growing petroleum industry accounts for roughly 30 percent of the country’s GDP and over half of its export revenues. In an effort to reduce Kazakhstan's exposure to price fluctuations for energy and commodities exports, the government created the National Oil Fund of Kazakhstan. Due to high oil prices the international reserves and assets in the oil fund have doubled in the last year to $20 billion in October 2007.

Country Analysis Briefs

February 2008
Background
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Related Briefs
Kazakh PSAs
Russia
Azerbaijan
Central Asia
Caspian Sea
Contact Info
cabs@eia.doe.gov
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