Kazakhstan's national oil and gas company KazMunayGas (KMG) produced 23.8 Mt of crude oil and condensate in 2024, i.e., 1.3% more than in 2023, transported 83.6 Mt of oil in 2024 (+4%), while local refineries processed 17.4 Mt during the year. The group is investing in the Kalamkas Offshore project worth US$6.4bn, whose design phase has begun, and started drilling at the Turgai Paleozoic, Karaton Sub-salt, Karazhar and Taisoigan wells, where the resources are estimated to exceed 800 Mtoe. KMG has also implemented measures to increase the production of light oils in its refineries by 370 kt in 2024 to supply the domestic market.
Created in 2002 to represents the interests of Kazakhstan in the oil and gas industry, the company accounts for around 1/4 of oil production in Kazakhstan, over 55% of oil transportation in the country and 80% of oil refining. KazMunayGas is owned by Samruk-Kazyna (67.42%), the Ministry of Finance (20%), the National Bank (9.58%) and minority shareholders (3% since an IPO in late 2022).