Background of Kazakhstan

Kazakhstan is the second largest oil exporter from the Newly Independent States (NIS) after Russia.  Kazakhstan’s decision to open up its oil sector to foreign investments in 1991, after it became independent, has led to the formation of a number of international consortiums developing major oil projects.  The increased oil output from these joint ventures and production-sharing unions has boosted the country’s net oil exports substantially during the past decade. 

Kazakhstan sits astride the northeast portion of the Caspian Sea and claims most of the Sea’s biggest known oil fields.  Kazakhstan’s combined onshore and offshore proven hydrocarbon reserves have been estimated to be between 9 and 17.6 billion barrels (comparable to OPEC members Algeria on the low end and Qatar on the high end).  Although, only a minor world oil exporter in 2002, Kazakhstan is poised to become an important player in the world oil markets in the coming years

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