Market Size of Kazakhstan Oil and Gas Upstream Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.57 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Kazakhstan Oil & Gas Upstream Market Analysis
The market for oil and gas upstream in Kazakhstan is expected to grow at a CAGR of more than 2.57% during the forecast period of 2020 - 2025. Factors, such as increasing natural gas production, and plans to improve oil production are expected to increase the growth for the Kazakhstan oil and gas market, during the forecast period. However, production from large fields like Kashagan field, which are expected to contain significant recoverable reserves estimated at 7 billion to 13 billion barrels of crude oil has high sulfur quantity thereby decreasing its demand and increasing refining cost.
- Onshore projects are expected to remain the most utilized of the deployment locations as they provide for cheaper access to the oil resources. Kazakhstan even though it has vast onshore reserves in the Caspian Sea but due to high levels of hydrogen sulfide and production costs are impeding growth in the Offshore projects.
- There have been significant oil discoveries in southern Kazakhstan. Economically feasible extraction of the oil may become an opportunity for the companies and may lead to a boom in oil production
- An increase in oil production is expected to increase the growth in the sector and be a prominent driver for the industry in the forecast period.
